Facebook has announced its Q3 financial earnings on Monday, showing that the social media giant is not slowing down, despite its troubles.
The company reported quarterly revenue of more than $29 billion, which was primarily driven by ads. More than $725 million came from non-ad products, primarily driven by the Oculus Quest 2. Strong sales brought non-ad revenue up by nearly 200% from just under $250 million in the same quarter last year, signaling strong demand for one of the best VR headsets you can buy right now.
Facebook CEO, Mark Zuckerberg, said during the earnings call that its new Ray-Ban Stories are also “off to a strong start,” although no specific numbers were provided.
During the call, Zuckerberg announced that Facebook Reality Labs, the division responsible for the company’s VR and AR efforts, would be reported separately from other product financials going forward. This move would signal the company’s heightened focus on building the “metaverse” and would allow investors insight into the company’s progress.
Facebook is expected to reveal a name change this week, possibly at its annual Connect Conference event. This is likely to help distance the company from the Facebook Blue app while emphasizing its growing focus on the “metaverse.”