ALBAWABA - Meta Platforms reported profits in the first quarter of the year and forecast positive projections for the future, despite ongoing losses in its Reality Labs unit.
The social media company said its earnings reached $5.71 billion in three months ending in March this year.
Revenues stood at $28.65 billion during the same period, Meta reported.
But it pointed out that its Reality Labs unit incurred an operating loss of $3.99 billion.
The unit is responsible for developing virtual and augmented reality technologies for the future of metaverse, which is a hypothetical iteration of the Internet as a universal virtual world to which virtual reality and augmented reality headsets must be used.
Despite the losses, Meta anticipates generating revenues ranging from $29.5 billion to $32 billion during the second quarter of 2023, which ends in June.
