Facebook will begin breaking out the 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.
