Meta's Income Declines 50% in Q3

Earlier this year, Meta posted its first quarterly revenue decline. In this quarter, Meta’s revenue declined 4% year over year to just $27.7 billion.

At the same time, net income is just $4.395 billion, down from $9.194 billion year over year, which is mostly due to Meta’s huge investment in the metaverse. Reality Labs, Meta’s virtual reality division, lost $3.672 billion this quarter. The same thing happened in Q1, when CEO Mark Zuckerberg justified a $3 billion loss by saying that the 2030s will be “exciting.”

There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often gonna take a few versions of each product before they become mainstream,

Zuckerberg said. He hopes that the company will "create the foundation for an entirely new way that we will interact with each other and blend technology into our lives."

Recently, Meta has announced that its next consumer-grade Quest headset will be launched next year, which is also responsible for some of these costs. Meta just shipped its first high-grade Quest Pro headsets this week.