Meta’s metaverse losses top $9.4 billion for the year

2022/10/26 23:40

ccording to The Block, Facebook owner Meta reported that its metaverse division Reality Labs posted a $3.7 billion loss in the third quarter of this year. That brings Reality Labs’ year-to-date losses to a staggering $9.4 billion. Meta said that it does not “anticipate that Reality Labs operating losses” will grow significantly next year. Meta said Reality Labs generated $285 million in revenue for the quarter, down from $558 million the previous year. The company's "Family of Apps" business segment, which includes Facebook and Instagram, registered $27.4 billion in revenue. Most recently, Meta shareholder Altimeter Capital Management’s CEO suggested in a blog post that the company slash its workforce by at least 20% in addition to reducing investment, primarily by limiting Reality Labs’ expenditures to no more than $5 billion a year. Less than a month ago, Zuckerberg told employees Meta was freezing hiring and restructuring teams to cut costs.

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