Meta earnings report: Reality Labs, the metaverse division, incurs a loss of $21.3 billion

ChainCatcher news, Meta announced its second-quarter financial report and stated that its Reality Labs division, which develops virtual reality and augmented reality technologies, incurred an operating loss of $3.7 billion. Last year, Reality Labs lost a total of $13.7 billion, with revenue of $2.16 billion, and combined with the $3.99 billion loss in the first quarter, its total loss since the beginning of last year reached approximately $21.3 billion.

In its earnings report, Meta indicated that due to ongoing product development efforts in augmented reality/virtual reality and further investments to expand the ecosystem, Reality Labs' operating losses are expected to "increase significantly year-over-year." (source link)