Meta wrapped up 2024 with strong revenue growth, with the company’s total annual earnings climbing 22% to $164.5 billion.
Meanwhile, its Q4 revenue rose 21% from the same period in 2023, reaching $48.4 billion. This exceeded analyst predictions by more than $1 billion.
Investors reacted positively, sending Meta’s stock up 5% during the earnings call on January 29 after it closed at $676.5 earlier that day.
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Despite this growth, Meta’s Reality Labs division—responsible for virtual and augmented reality (AR)—continued to lose money. In Q4 alone, Reality Labs reported an operating loss of $4.97 billion while bringing in just approximately $1 billion in revenue.
For the full year, its revenue grew 13% to $2.15 billion, but losses also increased by 10%, reaching $17.73 billion. Since 2020, Reality Labs has lost over $60 billion.
However, CEO Mark Zuckerberg remains optimistic about the company’s long-term investments. Speaking to investors, he called 2025 a “pivotal year” for the metaverse.
He highlighted steady user growth in Meta’s AR devices and digital platforms, adding that new developments will make the metaverse more engaging and visually appealing.
Reality Labs is not Meta’s only major bet, as the company is also making artificial intelligence (AI) a top priority. Zuckerberg recently stated that 2025 will be a defining year for artificial intelligence. Meta plans to spend between $60 billion and $65 billion on AI initiatives, including building a massive 2-gigawatt data center.
Meanwhile, Tesla, Elon Musk's multinational company, recently reported a $600 million gain in its Bitcoin
