Meta’s Reality Labs Looses $3.6 Billion In Q3

Meta continues to return losses from its biggest bet ever. In its Q3 earnings report, the company’s metaverse division reported a loss of $3.6 billion, its highest ever in a single quarter, bringing its grand total in losses this year to a staggering $10 billion.

Meta’s Reality Labs Looses $3.6 Billion In Q3

Reality Labs, the Metaverse-specific division of Meta (Facebook), continues its trend of returning losses. The tech giant’s metaverse division has reported losses worth billions in every quarter of the year. Meta’s recently published quarterly earnings report shows that Reality Labs lost $3.6 billion in the third quarter of 2022, which is the division’s highest quarterly loss since November 2021.

 

In 2022, Reality Labs reported losses of $2.63 billion in the first quarter and $2.8 billion loss in the second quarter, bringing its bill to a grand total of $9.43 billion in losses in a single year. The division posted revenues of $250 million this quarter, which is its lowest figure to date. Meta is on pace to beat its metaverse loss volume of $10 billion from last year with three months to spare. According to its Q3 earnings report, the company expects the trend to continue into next year as well.

 

“Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run,” said Dave Whener, Meta’s Chief Financial Officer.

 

Meta CEO Mark Zuckerberg stays determined on his mission to build the metaverse in his vision, saying Reality Labs continuing its efforts to build the metaverse is “better for everyone”. The division launched in 2020 has released VR headsets and an interactive virtual reality experience called ‘Horizon Worlds’, which is accessible via the headsets and available to use in many countries.

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