Meta* continues to lose billions of dollars because of metallurgical ambitions

Meta* continues to lose billions of dollars because of metallurgical ambitions

The technology-based enhanced and virtual reality unit, Reality Labs, Meta,* showed a return of $452 million over the second quarter — $695 million in the first quarter. The unit's net loss during the reporting period was $2.81 billion.

So much of a loss is not such a bad result: three months ago, it was $2.96 billion, and by this quarter, analysts predicted $3.67 billion. And the quarterly decline in unit revenues seems not to be the last one this year -- Meta* predicts that it will decline again in the third quarter. However, this is not a problem for the head of Mark Zuckerberg's company: he repeated once again that the Reality Labs indicators are part of the company's long-term strategy to develop metallurgical technologies, and this is more important than short-term benefits.

In 2021, Reality Labs lost $10.2 billion in $2.3 billion, and the company announced that it would spend even more in that direction in the coming years. In the last quarterly report, Meta* stated that the company's total income in the second quarter was $28.8 billion, which was slightly lower than what analysts predicted was $28.9 billion. The adjusted return on the action in the reporting period was $2.46 against the projected $2.54.

* Listed on the list of voluntary associations and religious organizations in respect of which the court has taken a legally enforceable decision to abolish or prohibit activities on the grounds provided for in Federal Act No. 114-FZ of 25 July 2002 on countering extremist activities.