Did you miss a session from GamesBeat Summit Next 2022? All sessions are now available for viewing in our on-demand library. Click here to start watching.

Meta’s first-quarter results showed us that Mark Zuckerberg’s vision of the metaverse is very expensive. And its losses are widening even as its VR hardware and software sales grow.

Meta has started breaking out its results from its Reality Labs division, (former known as Facebook’s Oculus division) to give investors a sense of how much it is investing in the next version of the internet.

Reality Labs generated $695 million in revenue in the first quarter ended March 31, up from $534 million a year ago. The loss in the quarter was $2.96 billion in Q1, compared with a loss of $1.83 billion a year earlier.

Overall, revenue was higher than expected at $27.91 billion in Q1, compared with $28.2 billion expected. Earnings per share were $2.72 a share, compared with expectations of $2.56 a share.


Intelligent Security Summit

Learn the critical role of AI & ML in cybersecurity and industry specific case studies on December 8. Register for your free pass today.

Register Now

Meta’s overall headcount was 77,805 as of March 31, an increase of 28% year-over-year. And that tells part of the story, as Meta is investing heavily in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One

GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.