Facebook to report on VR and AR financials after investing $10b - Facebook logo 1

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Facebook aims to become a ‘metaverse’ company

Quick read

➨ Facebook is planning to report separately on its VR and AR division in future financial updates after investing $10 billion this year
➨ The social media company revealed the plan in Q3 2021 financial results, ahead of Facebook Connect on Thursday, when it is expected to reveal the next generation of Oculus Quest headset
➨ It plans to split its family of apps and Facebook Reality Labs, which will include VR and AR hardware, software and content, in future financial reporting, given the level of investment made over the course of this year

The story

Facebook is planning to report separately on its virtual and augmented reality (VR and AR) division in future financial updates after investing $10 billion this year.

The social media company revealed the plan in Q3 2021 financial results, ahead of Connect on Thursday, when it is expected to reveal the next generation of Oculus Quest headset (a leak earlier this week suggests the device could be aimed at professional users and consumers).

It plans to split its family of apps, including Instagram, Messenger, WhatsApp, and Facebook Reality Labs, which will include VR and AR hardware, software and content, in future financial reporting, given the level of investment made over the course of this year.

The company says: “We expect our investment in Facebook Reality Labs to reduce our overall operating profit in 2021 by approximately $10 billion. We are committed to bringing this long-term vision to life and we expect to increase our investments for the next several years.”

This news could be the company laying the groundwork for its rumoured name change, with its apps separated from Oculus and Facebook Reality Labs, as it pivots to becoming a ‘metaverse’ company with a strong investment in VR and AR as major communications and socialising tools in the future.

It also comes after Facebook said it aims to create 10,000 new high-skilled jobs within the EU over the next five years, to support its plans to become a metaverse company.

Facebook Connect is taking place on 28 October. Register for a spot here.

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