Metaverse losses exceed $3.6B, with increased spending
Meta, the technology giant of Big Five, is still burning cash through Reality Labs, its Metaverse research-and-development arm. A $3.67 billion loss was posted for the third quarter 2022. It states that these losses will continue to grow next year.
The company’s Q3 2022 Earnings The Reality Labs reported its worst quarterly loss since 2020. It also posted $285 million in revenue, which was the lowest ever recorded for that quarter.