Meta Q2 earnings: Reality Labs losses top $7.7B year to date

Metas metaverse-related losses topped $3.74 billion over the second quarter with the Big Tech player investing $7.7 billion on its virtual truth business up until now in 2023. Its second-quarter outcomes launched on July 26 saw Meta report an 11% profits gain compared to the previous year, amounting to $31.9 billion. Its metaverse-focused Reality Labs earnings topped $276 million. Truth Labs operating losses are set to increase through 2023, Meta said. It cited product advancement efforts in virtual truth and additional financial investments in to its metaverse as the reason for the losses extending.In Q1 2023, Meta reported Reality Labs losses at $3.9 billion for the quarter while generating $339 million in revenue. Related: Meta and Microsoft launch open-source AI model Llama 2Metas stock price leapt on the profits and is up over 7% in after hours trading to around $320 according to Google Finance data. Meta shares have gained nearly 140% year-to-date however are still off from their September 2021 all-time high of over $378. Metas stock price neared spiked to over $320 onWeb3 Gamer: Apple to fix video gaming? SEC hates Metaverse, Logan Paul trolled on Steam