Meta’s Metaverse Quarterly Report Shows More than $3 Billion Losses

Meta and its Reality Labs metaverse team are still losing money, according to the quarterly report released by the company formerly known as Facebook, Inc. The results for Q3 2022 show that the company’s metaverse division had suffered losses amounting to $3.3 billion.

Reality Labs is busy working on the Oculus virtual reality system and the Horizon Worlds metaverse, among other projects. However, Horizon Worlds was recently put on quality lockdown, and the company caused additional controversy after misleading users last week.

Since being founded in August 2020, Reality Labs has lost some $9.4 billion in total. And according to the company’s report, Meta expects to keep losing money in 2023 as well. Still, Mark Zuckerberg remains confident. He has stated that Reality Labs’ metaverse fundaments are in place and should bring profit eventually, following the currently ongoing improvements and research.