According to financial reports, Meta’s Reality Labs division experienced a total loss of $13.7 billion in 2022. The company will continue to focus on the metaverse.
Meta CEO Mark Zuckerberg continues his quest to popularize the metaverse, but the company is losing billions in the process. Meta released its fourth quarter and 2022 yearly financial results on Feb. 1. The report offers a lot of insight into how much damage the metaverse pivot is costing the company.
The company lost $13.7 billion in 2022 due to its fixation on building a metaverse, an effort that was led by its ‘Reality Labs’ division. In Q4, the company recorded a $4.2 billion loss. Other areas showed marginal growth, like daily and monthly active users.
Despite the heavy losses, which were regularly commented on in 2022, Zuckerberg and Meta seem keen to continue with the metaverse plans. It has not generated much by comparison, bringing in $2.16 billion last…
