Meta's Reality Labs, the unit tasked with building the futuristic metaverse, continues bleeding money. The social media company reported its second-quarter earnings on Wednesday and revealed that Reality Labs logged an operating loss of $4.53 billion while recording $370 million in sales during the period. Analysts were projecting that unit to post a second-quarter operating loss of $4.99 billion while generating $381 million in sales. The Reality Labs division oversees the Quest line of virtual reality headsets in addition to the Ray-Ban Meta smart glasses, which are jointly developed with the French-Italian eyewear giant EssilorLuxottica. Meta wants Reality Labs to create cutting-edge products similar to the prototype Orion augmented reality glasses that could underpin a new, immersive computing platform.
CNBC
Broadcast Media Production and Distribution
Englewood Cliffs, NJ 2,981,984 followers
About us
Welcome to CNBC's home on LinkedIn! Follow us for regular updates about financial news, top CNBC.com stories, behind-the-scenes moments and more. CNBC, Inc. provides business news in the United States and Canada. It provides real-time financial market coverage and business information. The company, through its Web site, cnbc.com, provides real-time market analysis; video programming daily; industry and topic-specific blogs; cnbc.com live stream, a long-form scheduled programming of events; charts; and investing tools. The company was founded in 1989 and is headquartered in Englewood Cliffs, New Jersey. CNBC, Inc. operates as a subsidiary of NBC Universal, Inc.
- Website
-
http://www.cnbc.com
External link for CNBC
- Industry
- Broadcast Media Production and Distribution
- Company size
- 501-1,000 employees
- Headquarters
- Englewood Cliffs, NJ
- Type
- Public Company
- Specialties
- Financial News, Stocks, Market Updates, Merger and Acquisitions, Investing Tools, Business News, Earnings, World Market News, Career, Entrepreneurship, Business, Finance, Markets, News, and Journalism
Locations
-
Primary
1 CNBC Plaza
Englewood Cliffs, NJ 07632, US
Employees at CNBC
Updates
-
Meta shares jumped after the company reported second-quarter earnings on Wednesday that beat on revenue. Find the full report: cnb.cx/41gLQzX
-
Qualcomm reported fiscal third-quarter earnings on Wednesday that beat Wall Street expectations and provided a stronger-than-expected guide for the current quarter. Here's how the chipmaker did for the quarter ending June 29 compared to LSEG consensus expectations: In the current quarter, Qualcomm said it expected $2.85 per share at the midpoint of adjusted earnings on $10.7 billion in revenue at the midpoint. Analysts polled by LSEG were expecting $2.83 in adjusted earnings per share on $10.35 billion in revenue.
-
President Trump on Wednesday signed on order imposing a universal 50% tariff on copper imports, the latest metal he has targeted with a steep import tax. Full details: cnb.cx/3IQC8hz
-
CNBC reposted this
A vacation with family or friends should be fun — not stressful. By figuring out your group's money situation before take off, you'll save a lot of time and a lot of headaches. Learn more: cnb.cx/4mjKD2U
-
Fed Chair Jerome Powell called President Trump’s rare tour of the Fed building a “nice visit” despite the two’s back-and-forth over Trump’s claims of cost overruns at the headquarters. “We had a nice visit with the president. It was an honor to host him," Powell said. Read more: cnb.cx/3IQC8hz
-
Federal Reserve Chair Jerome Powell said on Wednesday that the independence of the Fed has "served the public well" and "should continue and be respected." Find the latest: cnb.cx/479VnfZ
-
President Donald Trump on Wednesday signed an executive order ending the de minimis trade loophole for low-value packages shipped from all countries. The order, which takes effect August 29, will subject any shipments of imported goods into the U.S. worth $800 or less to duties, the White House said. More details: cnb.cx/46AxldY