In the first three months of the year, Meta lost $4 billion in its VR unit.
Meta faces competition from other companies, including tech giant Apple, which introduced its highly anticipated mixed reality headset this month.
On Monday, the company said its Meta Quest+ service, which costs $7.99 per month or $59.99 for an annual subscription, is compatible with the Quest 2, Quest Pro, and upcoming Quest 3 headsets.
In 2021, Meta CEO Mark Zuckerberg announced plans to build a “meta universe”, an online world where people can play, work and communicate in a virtual environment, often using virtual reality headsets.
“I hope that over time we will be seen as a metaverse company, and I want to base our work and identity on what we are building,” Zuckerberg said.
In February last year, Meta unveiled several ambitious AI projects, and Zuckerberg described AI as “the key to unlocking the meta universe.”
The company reported a profit of $5.7 billion in the first three months of this year, exceeding market expectations.
However, the Reality Labs division, which produces VR headsets and other products, reported a net loss of $4 billion for the period.
Earlier this month, Apple unveiled the Vision Pro mixed reality headset at the first major hardware launch in almost a decade.
Apple’s headset, which will be released in the US early next year, will be available for $ 3,499.
This is significantly more than any other headset currently on the market. Meta’s VR headsets are priced between $299.99 and $999.99.