Meta’s Metaverse Losses top $9.4 Billion for the Year

Oct 27,2022
KingData News: 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. 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.
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