Meta (META)’s Reality Labs is still bleeding cash.
The division, which focuses on the company’s AR, VR, and metaverse initiatives, reported a loss of $4.48B in its Q2 earnings on Wednesday. Reality Labs revenue accounted for less than 1% of Meta’s total revenue.
The numbers come after Yahoo Finance reported last week that the multibillion-dollar losses at Reality Labs are the result of a lack of a clear vision, frequent restructuring, and leaders who don’t have AR and VR expertise.
We interviewed more than a dozen former Reality Labs employees who have been granted anonymity due to non-disclosure agreements and fear of jeopardizing future employment opportunities. Since that report, more insiders have reached out to Yahoo Finance, confirming the details in the story and offering additional insight.
“A few years ago I would have predicted that holographic AR would be possible…
