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Facebook Parent Meta’s Metaverse Division Lost $13.7B in 2022

Meta Platforms (FB) continued to lose massive amounts of money in its fledgling Facebook Reality Labs (FRL) division, which comprises its augmented and virtual reality operations, according to its earnings release Wednesday.

FRL accounted for a loss of $4.3 billion in the quarter, better than consensus analyst estimates for a loss of $4.4 billion and up from a loss of $3.7 billion in the third quarter.

For the whole of 2022, Meta lost $13.7 billion in the division on revenues of $2.2 billion, up from a loss of $10.2 billion on revenues of $2.3 billion in 2021. The company has previously said it expects FRL’s operating losses in 2023 to grow “significantly” over 2022 as it invests in what it sees as a crucial part of its future.

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