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Meta reported a loss of $ 13.7 billion for the division for the creation of the metaverse in 2022

Metaverse founder and CEO Mark Zuckerberg has said he is not going to change the strategy for developing the metaverse, although the Reality Labs division lost $13.7 billion in 2022.

Yesterday, February 1, Meta released its financial statements for the fourth quarter of 2022. As it turned out, the Reality Labs division, which develops the metaverse, lost $4.3 billion in the quarter, and the total loss for the year amounted to $13.7 billion. However, the social network Facebook continues to make a profit. Meta’s total revenue last quarter reached $32.1 billion, above analysts’ expectations.

“Currently, I see no signals to change our long-term development strategy for Reality Labs. We still expect the division’s losses to increase in 2023. But we will continue to make significant investments in this area, as we see long-term opportunities and prospects,” Mark Zuckerberg emphasized in a conversation with shareholders.

Note that Meta management has repeatedly spoken about supporting the Reality Labs division, even despite the losses. In the third quarter of last year, the division lost $3.7 billion.

Source: Bits

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