Meta Platforms Has Spent $46 Billion on the Metaverse Since 2021, But It's Spending Twice As Much on This 1 Thing
Meta Platforms (NASDAQ: META) has invested a huge sum of cash into developing its virtual and augmented reality technology and the software and social platforms to support its hardware. Unfortunately, the business doesn't have much to show for it so far.
Reality Labs, the division of Meta housing its metaverse technology, generated a total of $6.3 billion in revenue over the past three years. That's resulted in an operating loss of $40 billion. And management expects 2024's operating loss to exceed the $16 billion it lost last year. That's a phenomenally large bet on the future of computing.
While Meta Platforms' detractors decry the amount of spending Mark Zuckerberg and his team are putting into developing virtual and augmented reality platforms, investors shouldn't overlook the fact that it's spent about twice as much on something else entirely over the past three years.
Source Fool.com
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