SNEAK PEEK
- Meta’s ambitious Metaverse division reports a $3.67 billion loss in its quarterly report.
- Reality Labs handles all the development projects related to Metaverse for Meta.
- The quarterly loss of 2021 was around $2.63 billion.
Meta revealed that its division handling Metaverse development projects is facing huge losses. Reality Labs of Meta has reported a loss of $3.67 billion in the third quarter of 2022.
The Q3 loss of 2021 was $2.63 billion. This year’s loss surpasses the numbers of last year. The company is stating an overall loss of $600 million more than what is expected.
As per the reports,
We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,
The reports also mentioned,
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.
The year 2022 has been very struggling for Meta as it continuously reports major losses in its each quarterly reports. In Q2 2022, Meta reported a loss of $2.8 billion. According to the reports, Meta’s Reality Labs has had a loss of $9.43 billion since the start of 2022 till date.
Despite the poor financial performance of the company, the CEO remains strong and hopeful about its future. He said,
While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth,
He also added,
We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.
Meta launched Reality labs in 2020 as its VR and AR arm which will be responsible for the designing and development of software and hardware related to Metaverse. The team will also handle Meta’s visionary projects like Horizon World and Oculus.
