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Fortune
Fortune
Marco Quiroz-Gutierrez

Reality Labs posts a 2-year low in revenue, but Meta shares jump on revenue beat

Meta Reality Labs Mark Zuckerberg Susan Li
(Credit: David Paul Morris—Bloomberg via Getty Images)

On an otherwise positive earnings day for tech giant Meta, the company’s metaverse division once again reported lackluster revenue and billions of dollars in losses.

Reality Labs, which includes the company’s Quest headset business and its virtual reality platforms like Horizon Worlds, brought in $276 million in the second quarter of 2023, its worst quarterly performance in two years. The decrease was due to lower Quest sales, according to Meta CFO Susan Li.

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