Meta's Q3 revenue is $27.7 billion, and losses in the metaverse division have widened to $3.7 billion

ChainCatcher news, according to the third-quarter financial report released by Meta Platforms (FB), Meta's revenue for the third quarter was $27.7 billion, a decrease of 4% year-on-year; the net profit for the third quarter was $4.4 billion, a decrease of 52% year-on-year. The company stated that the revenue for the fourth quarter is expected to be between $30 billion and $32.5 billion.

Its metaverse division, Facebook Reality Labs (FRL), reported revenue of $285 million in the third quarter, far below the analysts' consensus estimate of $406 million, and also lower than the $452 million in the second quarter. FRL incurred a loss of $3.7 billion in the third quarter, higher than the $2.8 billion loss in the second quarter. The company also stated in the press release that it expects FRL's operating losses for 2023 to grow significantly year-on-year. (CoinDesk)