Meta's Reality Labs: Q3 Losses Mount as Ad Dominance Faces Apple Battle

Meta's Reality Labs unit, responsible for developing metaverse-related technologies, reported a $3.74 billion operating loss in the third quarter, with revenue in the virtual reality and augmented reality division dropping 26% to $210 million. Despite pouring billions into VR and AR, the market remains nascent, and analysts believe Apple's upcoming entry into the VR market could catalyze the industry. Meta recently launched the Quest 3 VR headset, positioning it as a more affordable alternative to Apple's Vision Pro mixed reality headset. The company also introduced the Meta Quest+ VR subscription service for users.