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Meta Platforms Inc.’s ambitious pursuit of the metaverse concept, championed by CEO Mark Zuckerberg, continues to come at a staggering financial cost. In its recently released third-quarter earnings report, Meta disclosed that its Reality Labs division, responsible for developing metaverse-related technologies, recorded an operating loss of a colossal $3.7 billion.
The Quest 3’s price point, however, has stirred some debate. At $499, it commands a premium compared to the Quest 2, priced $200 higher. Nevertheless, it remains a more budget-friendly alternative than the high-end Quest Pro VR headset, with a lofty price tag of $3,499. The company also embraces a subscription-based model with the Meta Quest+ VR subscription service, launched in June. Priced at $7.99 monthly, this service offers users access to two new monthly games compatible with the Quest 2, Quest Pro, and Quest 3 VR headsets.Despite the astounding losses in the Reality Labs division, Meta’s overall financial performance in the third quarter showed resilience. Total sales for the quarter reached $34.2 billion, surpassing the average analyst estimate of $33.
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