Metaverse Development Continues to Lose Meta

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Reality Labs, the division of Meta responsible for the development of the metaverse, has again reported losses.For the third quarter, losses amounted to $3.7 billion, and for the year - $9.4 billion.

Meta Chief Financial Officer Dave Wehner noted that the company expectsA significant increase in Reality Labs' operating losses in the next year.Thus, in the first and second quarters, the division lost $2.9 billion each.At the same time, revenue in the first quarter was $695 million, in the second quarter - $452 million, and last quarter decreased to $285 million.

"In 2023 and beyond, we will continue to invest in Reality Labs to meet our goals of increasing the company's overall operating income over the long term," Wehner said.

At the same time, other Meta destinations, including Facebook and Instagram, continue toHowever, this year was difficult for the company, and its capitalization fell from $1 trillion to $370 billion.

Meta CEO Mark Zuckerberg sees no problem with significant losses in the creation of the metaverse.He stressed that the development of "the next computing platform is a large-scale undertaking."

"It often takes multiple versions of a product before it becomes mainstream.I think this work is of historical significance.For a completely new way of interacting between people, we are integrating technology into our lives, as well as laying the foundation for our business for the long term," Zuckerberg said.

Mark Zuckerberg previously said that Meta intends to build an open and interoperable metaverse, since this approach fits seamlessly into the concept of virtual worlds.