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<div class="cryptonews"> 
 <p class="is-style-lead">Meta’s Reality Labs division recorded a $3.7 billion operating loss in Q2 this year. Yet, the social media giant remains fully <a rel="noopener noreferrer nofollow" title="committed" href="https://thebittimes.com/tag/committed.html">committed</a> to <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a> development.</p> 
 <p>So far, in 2023, Meta has invested a staggering $7.7 billion in its virtual reality business, according to Meta’s latest&nbsp;earnings results&nbsp;released on July 26.</p> 
 <p>The unit’s revenue declined to $276 million in the same quarter from $452 million last year. This decrease was attributed to lower Quest 2 virtual reality headset sales.</p> 
 <p>During an earnings call, Meta’s CEO, Mark Zuckerberg, emphasized their dedication to artificial intelligence (AI) and the <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a> vision. He explained that the company has been actively working on these priorities for years and sees them as overlapping and complementary endeavors.</p> 
 <div class="cn-block-related-link"> 
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 <p>Meta’s CFO, Susan Li, attributed the revenue drop to reduced sales of their VR headset and revealed that Reality Labs’ expenses rose to $4 billion in the second quarter, with a 23% increase primarily due to previous loss reserves and growing employee-related costs.</p> 
 <p>The $3.7 billion loss in the second quarter followed losses of $4 billion in Q1 2023 and $2.8 billion in Q2 2022.</p> 
 <p>The company expects Reality Labs’ operating losses to continue throughout 2023 due to ongoing VR-related product development and further investments in the <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a>.</p> 
 <h2 class="wp-block-heading" id="strong-metaverse-remains-a-key-focus-strong"><strong>Metaverse remains a key focus</strong></h2> 
 <p>Despite these challenges, Zuckerberg expressed an unwavering belief in the metaverse and AI’s potential.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“I’ve said on a number of these calls that the two technological waves that we’re riding are AI in the near term and the <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a> over the longer term.”</p> <cite>Mark Zuckerberg, CEO of Meta</cite> 
 </blockquote> 
 <p>Meta reported quarterly profits of $7.79 billion, a 16% increase from the same period last year. Quarterly revenue increased 11% year-over-year to $32 billion.</p> 
 <p>According to Google Finance data, Meta’s stock price jumped on the earnings, rising over 7% in after-hours trading to around $320. Meta shares have gained nearly 140% year-to-date but are still off their September 2021 all-time high of over $378.</p> 
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Meta committed to metaverse despite $3.7b Q2 loss

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