“Reality Labs reported sales of $440 million for the first quarter and $3.85 billion in losses.”
Meta beat on profit and revenue and still lost $200 billion in market cap overnight. Reality Labs lost almost nine dollars for every dollar it brought in, and its losses since 2020 now top $45 billion. Capex for 2024 went up to as much as $40 billion for AI. Investors finally priced in the hobby budget.