Despite incurring significant losses in its metaverse business, Reality Labs, Meta Platforms, led by Mark Zuckerberg, has demonstrated robust revenue growth in its financial report for the second quarter of 2024. According to the second-quarter earnings call held on July 31st, Meta reported revenues of $49 billion, a 22% increase from the same period last year, marking the second-highest quarterly revenue in the company's history.

However, the financial situation of Reality Labs continues to show losses, with a deficit of $4.5 billion in the second quarter. Since 2019, when Meta began heavily investing in metaverse technologies, its cumulative capital losses in this area have approached $60 billion.

Despite the losses, Meta's revenue performance has still exceeded market expectations, showing its strong position in the social media and digital advertising sectors. This achievement reflects the resilience of its core business and its continued investment in emerging technologies.

Meta's management expressed confidence in the long-term vision of the metaverse during the earnings call and stated that the company will continue to invest in this future technology. They believe that although financial challenges may be faced in the short term, these investments will lay the foundation for the company's future development in the fields of virtual reality and augmented reality.