Meta's Reality Labs division beat nearly all its sales and user targets for 2024: internal memo

Performance and Growth - Reality Labs achieved a 40% year-over-year sales growth in 2024, surpassing nearly all its aggressive sales and user targets [1][2] - The division's revenue for Q3 2024 increased by 29% year-on-year to $270 million [4] - The Horizon app, required for Meta's Quest VR headsets, was the top free app in Apple's App Store in the US and the UK on Christmas Day, indicating strong holiday demand [2] Strategic Importance and Future Outlook - Meta's CTO Andrew Bosworth described 2024 as a "pivotal year" for Reality Labs, positioning the division for future success [1][6] - The Reality Labs Business Group (RLBG) played a significant role in setting the company up for the future [3] - Meta's CFO Susan Li emphasized that Reality Labs remains a "strategic long-term priority," with plans for continued significant investment [4] Challenges and Investments - Reality Labs has incurred substantial losses, with over $50 billion recorded since 2020 due to heavy investments in augmented reality technology [3] - In Q3 2024, the division reported operating losses of $4.4 billion [4] Product and Brand Strength - Meta is experiencing "massive sales growth in wearables," with the Quest brand described as stronger than ever [2][6]