Facebook Will Finally Start Reporting Financial Results for Its Virtual Reality Business
Just a few months after Facebook (NASDAQ: FB) CEO Mark Zuckerberg said his business was going to bet big on the "metaverse" (a virtual world where real people can play and work together), Facebook is readying some extra transparency on this business segment. And for good reason. Facebook Reality Labs (or FRL, the augmented and virtual reality unit that's building the metaverse) is receiving massive amounts of cash to develop new hardware and software technology, and could already be quite large today. Here's what you need to know.
Starting in the fourth quarter of 2021 (which the company will report in January 2022), Facebook will add a new line item for FRL results and disclose the massive investments the company is making. This will separate Facebook's virtual reality operations from the advertising empire, which will now be called "Family of Apps" and include Facebook, Instagram, Messenger, WhatsApp, and other services. But what exactly is Facebook Reality Labs?
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Source Fool.com
