Meta's Reality Labs Revenue Recovery Progressed in the Third Quarter - UploadVR

Meta's Reality Labs division, responsible for products like Quest headsets and Ray-Ban Meta smart glasses, saw a 29% increase in Q3 2024 revenue compared to the previous year, continuing a trend of growth witnessed in Q1 and Q2. The division reported $270 million in revenue but faced substantial costs, resulting in a quarterly financial loss. While Quest 3 hasn't yet peaked in sales, partly due to its higher price, Meta's long-term investment strategy focuses on developing future technologies, including AR glasses. Despite the near-term losses, Meta plans to reduce AR/VR hardware team spending by 20% by 2026 and aims for eventual profitability in the 2030s. For more details, visit the full story at UploadVR, reported by David Heaney.

Source: https://www.uploadvr.com/meta-reality-labs-q3-2024-revenue-rebound-continues/