<p><strong>Meta Platforms</strong>（META -0.52%）多年來已經實現了業務多元化。它不再僅僅是一家社交媒體公司；它擴展到了人工智能（AI）以及元宇宙，甚至更改了名稱以突出其對後者機會的關注。</p>
<p>儘管 Meta Platforms 在元宇宙及其 Reality Labs 部門投入了大量資源，但回報卻並不明顯，且是否會有回報仍然值得懷疑。最近，Reality Labs 部門達到了一個里程碑，這更能反映出它成為了一個資金黑洞，而不是一個出色的增長機會。</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>圖片來源：Getty Images。</p>
<h2>Reality Labs 已累計超過 600 億美元的運營虧損</h2>
<p>如果你關注 Meta 近年來的表現，可能會看到 Reality Labs 業務持續虧損，通常每季度虧損數十億美元。但由於廣告和社交媒體平台的強勁收入增長，投資者在很大程度上忽視了財務報表中這一不吸引人的部分。</p>
<p>然而，在最近一個季度，Reality Labs 的運營虧損累計超過 600 億美元。這是自 2021 年首次報告該新部門以來，公司在該業務上所承受的驚人金額。</p>
<table>
<thead>
<tr>
<th>年份</th>
<th>Reality Labs 的運營虧損</th>
</tr>
</thead>
<tbody>
<tr>
<td>2025（僅 Q1）</td>
<td>42 億美元</td>
</tr>
<tr>
<td>2024</td>
<td>177 億美元</td>
</tr>
<tr>
<td>2023</td>
<td>161 億美元</td>
</tr>
<tr>
<td>2022</td>
<td>137 億美元</td>
</tr>
<tr>
<td>2021</td>
<td>102 億美元</td>
</tr>
</tbody>
</table>
<p>來源：公司文件。表格由作者製作。</p>
<p>這加起來是 620 億美元。值得注意的是，虧損在逐年增加。</p>
<h2>Meta 的強勁數字暫時掩蓋了問題</h2>
<p>在 2025 年前三個月，Meta 的利潤增長了 35%，達到了 166 億美元。其應用家族部門，包括 WhatsApp 和 Facebook 等核心社交媒體資產，產生了近 218 億美元的運營利潤，輕鬆覆蓋了 Reality Labs 的虧損。</p>
<p>儘管這暫時掩蓋了問題，但有幾個原因讓人感到擔憂。</p>
<p>第一個也是最明顯的原因是，最終這種依賴廣告的收入增長將會放緩。如果經濟條件放緩，公司可能會削減廣告支出。隨着增長率放緩，Meta 的收益看起來不再那麼令人印象深刻，更多的關注將不可避免地轉向那個令人擔憂的 Reality Labs 業務。投資者可能會更早地要求從該投資中獲得回報，這可能導致股價急劇下跌。</p>
<p>第二個原因是，這突顯了一個更深層次的問題：資產配置不當。Meta 多年來一直在追逐最新趨勢。它曾在元宇宙受到關注時大肆宣傳；推出 Threads 以與 Twitter（現為 X）競爭；現在它的重點是 AI，最近宣佈將推出一個獨立的 Meta AI 應用程序以與 ChatGPT 競爭。該公司還向 Scale AI 投資了 143 億美元，並一直在尋找其他 AI 公司的投資機會。在對 AI 過度支出存在擔憂的情況下，Meta 看起來可能再次在追逐熱門科技趨勢上變得過於激進。</p>
<h2>投資者應謹慎對待 Meta</h2>
<p>Meta Platforms 的股價今年上漲了 19%（截至 6 月 23 日的回報），投資者對其業務依然持樂觀態度。以 27 倍的市盈率來看，該股票可能仍顯得價格適中。但隨着公司在元宇宙和 AI 上的重金投入，未來可能會面臨更艱難的時刻，尤其是在經濟放緩的情況下。如果其收益開始下降，這可能迅速使股票變得更加昂貴。</p>
<p>我最大的擔憂是其激進的支出，因為這可能在未來適得其反。現在，市場處於歷史高位，投資者情緒依然積極。但由於關税和全球貿易問題，這種情況可能隨時會改變。Meta 的業務高度依賴強勁的廣告市場，如果這一市場崩潰，社交媒體股票可能會面臨大幅修正。此外，Instagram 和 WhatsApp 的反壟斷案件仍然懸而未決，這可能會大幅改變 Meta 的業務及其增長潛力，如果最終發生拆分。</p>
<p>儘管最近幾個季度業務表現良好，我建議暫時觀望，暫緩購買 Meta 的股票。</p>

META

<p>Meta Platforms 的現實實驗室部門自成立以來已累計超過 600 億美元的運營虧損，這引發了對其可行性的擔憂。儘管其核心社交媒體業務利潤強勁，但不斷增加的虧損可能會引起投資者的關注，尤其是在廣告收入放緩的情況下。Meta 在元宇宙和人工智能方面的激進投資可能適得其反，導致潛在的股價下跌。鑑於持續的反壟斷問題和經濟不確定性，建議投資者在考慮 Meta 股票時保持謹慎</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%）多年來已經實現了業務多元化。它不再僅僅是一家社交媒體公司；它擴展到了人工智能（AI）以及元宇宙，甚至更改了名稱以突出其對後者機會的關注。</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>儘管 Meta Platforms 在元宇宙及其 Reality Labs 部門投入了大量資源，但回報卻並不明顯，且是否會有回報仍然值得懷疑。最近，Reality Labs 部門達到了一個里程碑，這更能反映出它成為了一個資金黑洞，而不是一個出色的增長機會。</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>圖片來源：Getty Images。</p>
</div><h2>Reality Labs has incurred more than $60 billion in operating losses</h2>
<div class="lb-trans"><h2>Reality Labs 已累計超過 600 億美元的運營虧損</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>如果你關注 Meta 近年來的表現，可能會看到 Reality Labs 業務持續虧損，通常每季度虧損數十億美元。但由於廣告和社交媒體平台的強勁收入增長，投資者在很大程度上忽視了財務報表中這一不吸引人的部分。</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，在最近一個季度，Reality Labs 的運營虧損累計超過 600 億美元。這是自 2021 年首次報告該新部門以來，公司在該業務上所承受的驚人金額。</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 的運營虧損</th>
</tr>
</thead>
<tbody>
<tr>
<td>2025（僅 Q1）</td>
<td>42 億美元</td>
</tr>
<tr>
<td>2024</td>
<td>177 億美元</td>
</tr>
<tr>
<td>2023</td>
<td>161 億美元</td>
</tr>
<tr>
<td>2022</td>
<td>137 億美元</td>
</tr>
<tr>
<td>2021</td>
<td>102 億美元</td>
</tr>
</tbody>
</table>
</div><p>Source: Company filings. Table by author.</p>
<div class="lb-trans"><p>來源：公司文件。表格由作者製作。</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>這加起來是 620 億美元。值得注意的是，虧損在逐年增加。</p>
</div><h2>Meta's strong numbers have been masking the problem, for now</h2>
<div class="lb-trans"><h2>Meta 的強勁數字暫時掩蓋了問題</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 年前三個月，Meta 的利潤增長了 35%，達到了 166 億美元。其應用家族部門，包括 WhatsApp 和 Facebook 等核心社交媒體資產，產生了近 218 億美元的運營利潤，輕鬆覆蓋了 Reality Labs 的虧損。</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>儘管這暫時掩蓋了問題，但有幾個原因讓人感到擔憂。</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>第一個也是最明顯的原因是，最終這種依賴廣告的收入增長將會放緩。如果經濟條件放緩，公司可能會削減廣告支出。隨着增長率放緩，Meta 的收益看起來不再那麼令人印象深刻，更多的關注將不可避免地轉向那個令人擔憂的 Reality Labs 業務。投資者可能會更早地要求從該投資中獲得回報，這可能導致股價急劇下跌。</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>第二個原因是，這突顯了一個更深層次的問題：資產配置不當。Meta 多年來一直在追逐最新趨勢。它曾在元宇宙受到關注時大肆宣傳；推出 Threads 以與 Twitter（現為 X）競爭；現在它的重點是 AI，最近宣佈將推出一個獨立的 Meta AI 應用程序以與 ChatGPT 競爭。該公司還向 Scale AI 投資了 143 億美元，並一直在尋找其他 AI 公司的投資機會。在對 AI 過度支出存在擔憂的情況下，Meta 看起來可能再次在追逐熱門科技趨勢上變得過於激進。</p>
</div><h2>Investors should tread carefully with Meta</h2>
<div class="lb-trans"><h2>投資者應謹慎對待 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 的股價今年上漲了 19%（截至 6 月 23 日的回報），投資者對其業務依然持樂觀態度。以 27 倍的市盈率來看，該股票可能仍顯得價格適中。但隨着公司在元宇宙和 AI 上的重金投入，未來可能會面臨更艱難的時刻，尤其是在經濟放緩的情況下。如果其收益開始下降，這可能迅速使股票變得更加昂貴。</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>我最大的擔憂是其激進的支出，因為這可能在未來適得其反。現在，市場處於歷史高位，投資者情緒依然積極。但由於關税和全球貿易問題，這種情況可能隨時會改變。Meta 的業務高度依賴強勁的廣告市場，如果這一市場崩潰，社交媒體股票可能會面臨大幅修正。此外，Instagram 和 WhatsApp 的反壟斷案件仍然懸而未決，這可能會大幅改變 Meta 的業務及其增長潛力，如果最終發生拆分。</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>儘管最近幾個季度業務表現良好，我建議暫時觀望，暫緩購買 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領域投入超過 600 億美元，面臨持續虧損。  
- 2025 年第一季度 Reality Labs 虧損 42 億美元，整體虧損逐年增加。  
- 投資者需謹慎，因廣告市場波動可能影響公司未來盈利能力。  

Meta Platforms 的 Reality Labs 部門最近達到了一個里程碑，但這個里程碑並不令人滿意