Meta's Reality Labs division reported a significant loss of $3.84 billion in the first quarter of the current fiscal year, despite experiencing revenue growth. The division is actively developing advanced augmented reality (AR) products, including a highly anticipated prototype of AR glasses. These glasses are expected to surpass the performance and features of existing AR products, according to Meta's head of AR glasses hardware. The financial performance and ongoing product development indicate Meta's continued investment and focus on expanding its presence in the AR and VR markets.