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Metaverse losses top $3.6B for Meta with spending set to increase

Published 10/26/2022, 10:34 PM
Updated 10/27/2022, 12:20 AM
Metaverse losses top $3.6B for Meta with spending set to increase

Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.

The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made $285 million in revenue for the third quarter, its lowest on record within that time.

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