Facebook to Break Out Results for Augmented/Virtual Reality Division Starting in Q4

Facebook will begin breaking out results for Facebook Reality Labs (FRL), its augmented/virtual reality division, starting in the fourth quarter, the company announced in its third quarter earnings release.

”As we have discussed, we are dedicating significant resources toward our augmented and virtual reality products and services, which are an important part of our work to develop the next generation of online social experiences,” the company said. “The new segment disclosures will provide additional information on the performance of FRL and the investments we are making.”CEO Mark Zuckerberg has discussed plans to reposition Facebook as a metaverse company, and there have been recent reports the company plans to rebrand and potentially even rename itself accordingly.Starting in the fourth quarter, Facebook said it will have a new reporting structure with two reportable segments: Family of Apps (FoA), which includes Facebook, Instagram, Messenger, WhatsApp and other services; and Facebook Reality Labs (FRL), which includes augmented and virtual reality related consumer hardware software and content.Overall for the third quarter, Facebook reported adjusted earnings per share of $3.22 versus the $3.19 expected by analysts, according to FactSet, and revenue of $29.01 billion, versus $29.49 billion expected. Shares of Facebook were rising 3.3% to $339.48 in after-hours trading on Monday following the release of the report.

Read more: A Crypto Guide to the Metaverse

UPDATE (Oct. 25, 20:56 UTC): Added information about overall results in fourth bullet point.

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