Oct 27 (TheBlock) - 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.