Reality Labs is Meta's unit that makes the Quest family of virtual-reality headsets and Ray-Ban Meta Smart Glasses.
Meta CEO Mark Zuckerberg kick-started his company's VR endeavors in 2014 when it acquired the startup Oculus for $2 billion. Since then, Zuckerberg has characterized VR and AR as central to his plans to develop the futuristic digital world known as the metaverse, which he has said represent the next major computing platform.
Wall Street has questioned Zuckerberg's metaverse investment. Reality Labs has tallied an operating loss of more than $60 billion since 2020, as of Meta's fourth-quarter earnings report.