A year later, Meta’s foray into the metaverse has proven to be even more costly. Reality Labs is losing money faster than ever before, according to Facebook’s parent company in its most recent financial report.
Reality Labs, the division in charge of the company’s virtual and augmented reality initiatives, lost $3.7 billion in the third quarter of 2022, up from $2.6 billion the previous year and $2.8 billion the previous quarter. So far in 2022, Reality Labs has lost more than $9 billion. And, according to the company’s finance boss, the pattern is unlikely to change very soon. “We predict that Reality Labs operational losses will increase dramatically year over year in 2023,” stated departing CFO Dave Whener in a statement.
