<p><strong>Meta Platforms</strong>（META -0.52%）多年来已经实现了业务多元化。它不再仅仅是一家社交媒体公司；它扩展到了人工智能（AI）以及元宇宙，甚至更改了名称以突出其对后者机会的关注。</p>
<p>尽管 Meta Platforms 在元宇宙及其 Reality Labs 部门投入了大量资源，但回报却并不明显，且是否会有回报仍然值得怀疑。最近，Reality Labs 部门达到了一个里程碑，这更能反映出它成为了一个资金黑洞，而不是一个出色的增长机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzMjMvYS1jaGlsZC1wbGF5aW5nLWEtZ2FtZS11c2luZy1hLXZpcnR1YWwtcmVhbGl0eS1oZWFkc2V0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzMjMvYS1jaGlsZC1wbGF5aW5nLWEtZ2FtZS11c2luZy1hLXZpcnR1YWwtcmVhbGl0eS1oZWFkc2V0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Reality Labs 已累计超过 600 亿美元的运营亏损</h2>
<p>如果你关注 Meta 近年来的表现，可能会看到 Reality Labs 业务持续亏损，通常每季度亏损数十亿美元。但由于广告和社交媒体平台的强劲收入增长，投资者在很大程度上忽视了财务报表中这一不吸引人的部分。</p>
<p>然而，在最近一个季度，Reality Labs 的运营亏损累计超过 600 亿美元。这是自 2021 年首次报告该新部门以来，公司在该业务上所承受的惊人金额。</p>
<table>
<thead>
<tr>
<th>年份</th>
<th>Reality Labs 的运营亏损</th>
</tr>
</thead>
<tbody>
<tr>
<td>2025（仅 Q1）</td>
<td>42 亿美元</td>
</tr>
<tr>
<td>2024</td>
<td>177 亿美元</td>
</tr>
<tr>
<td>2023</td>
<td>161 亿美元</td>
</tr>
<tr>
<td>2022</td>
<td>137 亿美元</td>
</tr>
<tr>
<td>2021</td>
<td>102 亿美元</td>
</tr>
</tbody>
</table>
<p>来源：公司文件。表格由作者制作。</p>
<p>这加起来是 620 亿美元。值得注意的是，亏损在逐年增加。</p>
<h2>Meta 的强劲数字暂时掩盖了问题</h2>
<p>在 2025 年前三个月，Meta 的利润增长了 35%，达到了 166 亿美元。其应用家族部门，包括 WhatsApp 和 Facebook 等核心社交媒体资产，产生了近 218 亿美元的运营利润，轻松覆盖了 Reality Labs 的亏损。</p>
<p>尽管这暂时掩盖了问题，但有几个原因让人感到担忧。</p>
<p>第一个也是最明显的原因是，最终这种依赖广告的收入增长将会放缓。如果经济条件放缓，公司可能会削减广告支出。随着增长率放缓，Meta 的收益看起来不再那么令人印象深刻，更多的关注将不可避免地转向那个令人担忧的 Reality Labs 业务。投资者可能会更早地要求从该投资中获得回报，这可能导致股价急剧下跌。</p>
<p>第二个原因是，这突显了一个更深层次的问题：资产配置不当。Meta 多年来一直在追逐最新趋势。它曾在元宇宙受到关注时大肆宣传；推出 Threads 以与 Twitter（现为 X）竞争；现在它的重点是 AI，最近宣布将推出一个独立的 Meta AI 应用程序以与 ChatGPT 竞争。该公司还向 Scale AI 投资了 143 亿美元，并一直在寻找其他 AI 公司的投资机会。在对 AI 过度支出存在担忧的情况下，Meta 看起来可能再次在追逐热门科技趋势上变得过于激进。</p>
<h2>投资者应谨慎对待 Meta</h2>
<p>Meta Platforms 的股价今年上涨了 19%（截至 6 月 23 日的回报），投资者对其业务依然持乐观态度。以 27 倍的市盈率来看，该股票可能仍显得价格适中。但随着公司在元宇宙和 AI 上的重金投入，未来可能会面临更艰难的时刻，尤其是在经济放缓的情况下。如果其收益开始下降，这可能迅速使股票变得更加昂贵。</p>
<p>我最大的担忧是其激进的支出，因为这可能在未来适得其反。现在，市场处于历史高位，投资者情绪依然积极。但由于关税和全球贸易问题，这种情况可能随时会改变。Meta 的业务高度依赖强劲的广告市场，如果这一市场崩溃，社交媒体股票可能会面临大幅修正。此外，Instagram 和 WhatsApp 的反垄断案件仍然悬而未决，这可能会大幅改变 Meta 的业务及其增长潜力，如果最终发生拆分。</p>
<p>尽管最近几个季度业务表现良好，我建议暂时观望，暂缓购买 Meta 的股票。</p>

META

<p>Meta Platforms 的现实实验室部门自成立以来已累计超过 600 亿美元的运营亏损，这引发了对其可行性的担忧。尽管其核心社交媒体业务利润强劲，但不断增加的亏损可能会引起投资者的关注，尤其是在广告收入放缓的情况下。Meta 在元宇宙和人工智能方面的激进投资可能适得其反，导致潜在的股价下跌。鉴于持续的反垄断问题和经济不确定性，建议投资者在考虑 Meta 股票时保持谨慎</p>

<p><strong>Meta Platforms</strong>(META -0.52%) has diversified its business over the years. No longer is it just a social media company; it's expanded into artificial intelligence (AI) and of course, the metaverse, and it even changed its name to highlight its focus on that latter opportunity.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META -0.52%）多年来已经实现了业务多元化。它不再仅仅是一家社交媒体公司；它扩展到了人工智能（AI）以及元宇宙，甚至更改了名称以突出其对后者机会的关注。</p>
</div><p>While Meta Platforms has piled a lot of resources into the metaverse and its Reality Labs division, the payoff simply hasn't been there, and it's questionable whether it ever will be. Recently, the Reality Labs division hit a milestone, which is more indicative of what kind of money pit it has become rather than terrific growth opportunity.</p>
<div class="lb-trans"><p>尽管 Meta Platforms 在元宇宙及其 Reality Labs 部门投入了大量资源，但回报却并不明显，且是否会有回报仍然值得怀疑。最近，Reality Labs 部门达到了一个里程碑，这更能反映出它成为了一个资金黑洞，而不是一个出色的增长机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzMjMvYS1jaGlsZC1wbGF5aW5nLWEtZ2FtZS11c2luZy1hLXZpcnR1YWwtcmVhbGl0eS1oZWFkc2V0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822323%2Fa-child-playing-a-game-using-a-virtual-reality-headset.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Reality Labs has incurred more than $60 billion in operating losses</h2>
<div class="lb-trans"><h2>Reality Labs 已累计超过 600 亿美元的运营亏损</h2>
</div><p>If you've been following Meta's performance in recent years, you've likely seen the continual losses from the Reality Labs business, normally totaling multiple billions of dollars per quarter. But with strong revenue growth from advertising and its social media platforms continuing, investors have largely ignored that unattractive part of its financials.</p>
<div class="lb-trans"><p>如果你关注 Meta 近年来的表现，可能会看到 Reality Labs 业务持续亏损，通常每季度亏损数十亿美元。但由于广告和社交媒体平台的强劲收入增长，投资者在很大程度上忽视了财务报表中这一不吸引人的部分。</p>
</div><p>In its most recent quarter, however, the operating losses from Reality Labs reached a cumulative total of more than $60 billion. It's a staggering amount that the company has incurred on the business since first reporting on the new segment back in 2021.</p>
<div class="lb-trans"><p>然而，在最近一个季度，Reality Labs 的运营亏损累计超过 600 亿美元。这是自 2021 年首次报告该新部门以来，公司在该业务上所承受的惊人金额。</p>
</div><table>
<thead>
<tr>
<th>Year</th>
<th>Operating Loss for Reality Labs</th>
</tr>
</thead>
<tbody>
<tr>
<td>2025 (Q1 only)</td>
<td>$4.2 billion</td>
</tr>
<tr>
<td>2024</td>
<td>$17.7 billion</td>
</tr>
<tr>
<td>2023</td>
<td>$16.1 billion</td>
</tr>
<tr>
<td>2022</td>
<td>$13.7 billion</td>
</tr>
<tr>
<td>2021</td>
<td>$10.2 billion</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>年份</th>
<th>Reality Labs 的运营亏损</th>
</tr>
</thead>
<tbody>
<tr>
<td>2025（仅 Q1）</td>
<td>42 亿美元</td>
</tr>
<tr>
<td>2024</td>
<td>177 亿美元</td>
</tr>
<tr>
<td>2023</td>
<td>161 亿美元</td>
</tr>
<tr>
<td>2022</td>
<td>137 亿美元</td>
</tr>
<tr>
<td>2021</td>
<td>102 亿美元</td>
</tr>
</tbody>
</table>
</div><p>Source: Company filings. Table by author.</p>
<div class="lb-trans"><p>来源：公司文件。表格由作者制作。</p>
</div><p>That adds up to $62 billion. And what's noteworthy is that the losses have been increasing over the years.</p>
<div class="lb-trans"><p>这加起来是 620 亿美元。值得注意的是，亏损在逐年增加。</p>
</div><h2>Meta's strong numbers have been masking the problem, for now</h2>
<div class="lb-trans"><h2>Meta 的强劲数字暂时掩盖了问题</h2>
</div><p>Through the first three months of 2025, Meta grew its profits by 35% to $16.6 billion. Its Family of Apps segment, which includes its core social media assets such as WhatsApp and Facebook, generated an operating profit of nearly $21.8 billion, which easily covered the losses from Reality Labs.</p>
<div class="lb-trans"><p>在 2025 年前三个月，Meta 的利润增长了 35%，达到了 166 亿美元。其应用家族部门，包括 WhatsApp 和 Facebook 等核心社交媒体资产，产生了近 218 亿美元的运营利润，轻松覆盖了 Reality Labs 的亏损。</p>
</div><p>While that has masked the issue thus far, there are a couple of reasons why this is worrisome.</p>
<div class="lb-trans"><p>尽管这暂时掩盖了问题，但有几个原因让人感到担忧。</p>
</div><p>The first and most obvious one is that eventually this advertising-fueled revenue growth will slow down. If economic conditions slow down, companies are likely to cut back on ad spend. As the growth rate slows and Meta's earnings don't look as impressive anymore, it'll only be a matter of time before more attention is paid to that troubling Reality Labs business. Investors may become more demanding of a payoff from that investment sooner rather than later, and that could lead to a sharp decline in the share price.</p>
<div class="lb-trans"><p>第一个也是最明显的原因是，最终这种依赖广告的收入增长将会放缓。如果经济条件放缓，公司可能会削减广告支出。随着增长率放缓，Meta 的收益看起来不再那么令人印象深刻，更多的关注将不可避免地转向那个令人担忧的 Reality Labs 业务。投资者可能会更早地要求从该投资中获得回报，这可能导致股价急剧下跌。</p>
</div><p>The second reason is that it highlights a deeper issue: poor asset allocation. Meta has been chasing the latest trends for years. It used to talk up the metaverse back when it was in the spotlight; it launched Threads to compete with Twitter (now X); and now its focus is on AI, recently announcing that it would roll out a stand-alone Meta AI app to compete against ChatGPT. The company has also invested $14.3 billion into Scale AI and has been looking at other AI companies to invest in as well. At a time when there are concerns about overspending on AI and with so many competitors out there, Meta looks like it may yet again become too aggressive in pursuing a hot tech trend.</p>
<div class="lb-trans"><p>第二个原因是，这突显了一个更深层次的问题：资产配置不当。Meta 多年来一直在追逐最新趋势。它曾在元宇宙受到关注时大肆宣传；推出 Threads 以与 Twitter（现为 X）竞争；现在它的重点是 AI，最近宣布将推出一个独立的 Meta AI 应用程序以与 ChatGPT 竞争。该公司还向 Scale AI 投资了 143 亿美元，并一直在寻找其他 AI 公司的投资机会。在对 AI 过度支出存在担忧的情况下，Meta 看起来可能再次在追逐热门科技趋势上变得过于激进。</p>
</div><h2>Investors should tread carefully with Meta</h2>
<div class="lb-trans"><h2>投资者应谨慎对待 Meta</h2>
</div><p>Shares of Meta Platforms are up 19% this year (returns as of June 23) as investors continue to be bullish on its business. And at 27 times its trailing earnings, the stock may still appear to be modestly priced. But with the company investing heavily into the metaverse and now AI as well, tougher times may be ahead for the business, especially if the economy slows down. If its earnings start to fall, this could quickly become a much more expensive stock.</p>
<div class="lb-trans"><p>Meta Platforms 的股价今年上涨了 19%（截至 6 月 23 日的回报），投资者对其业务依然持乐观态度。以 27 倍的市盈率来看，该股票可能仍显得价格适中。但随着公司在元宇宙和 AI 上的重金投入，未来可能会面临更艰难的时刻，尤其是在经济放缓的情况下。如果其收益开始下降，这可能迅速使股票变得更加昂贵。</p>
</div><p>My biggest concern is with its aggressive spending, as that could backfire in the future. Right now, the market is at around all-time highs, and investor sentiment remains positive. But it may only be a matter of time before that changes due to tariffs and global trade issues. Meta's business is highly dependent on a strong ad market, and if that buckles, the social media stock could be due for a steep correction. Plus, there's still the antitrust case involving Instagram and WhatsApp looming over Meta, which could drastically change its business and its growth potential if a breakup ends up happening.</p>
<div class="lb-trans"><p>我最大的担忧是其激进的支出，因为这可能在未来适得其反。现在，市场处于历史高位，投资者情绪依然积极。但由于关税和全球贸易问题，这种情况可能随时会改变。Meta 的业务高度依赖强劲的广告市场，如果这一市场崩溃，社交媒体股票可能会面临大幅修正。此外，Instagram 和 WhatsApp 的反垄断案件仍然悬而未决，这可能会大幅改变 Meta 的业务及其增长潜力，如果最终发生拆分。</p>
</div><p>As well as the business has been doing in recent quarters, I'd stay on the sidelines and hold off on buying Meta's stock right now.</p>
<div class="lb-trans"><p>尽管最近几个季度业务表现良好，我建议暂时观望，暂缓购买 Meta 的股票。</p>
</div>

Meta Platforms' Reality Labs Division Recently Hit a Milestone, and It's Not a Good One

- Meta Platforms 在元宇宙和人工智能领域投入超过 600 亿美元，面临持续亏损。  
- 2025 年第一季度 Reality Labs 亏损 42 亿美元，整体亏损逐年增加。  
- 投资者需谨慎，因广告市场波动可能影响公司未来盈利能力。  

Meta Platforms 的 Reality Labs 部门最近达到了一个里程碑，但这个里程碑并不令人满意