Meta Platforms Inc.’s ambitious pursuit of the metaverse concept, championed by CEO Mark Zuckerberg, continues to come at a staggering financial cost. In its recently released third-quarter earnings report, Meta disclosed that its Reality Labs division, responsible for developing metaverse-related technologies, recorded an operating loss of a colossal $3.7 billion.
The revelation underscores the steep financial toll of Meta’s foray into virtual reality (VR) and augmented reality (AR). The metaverse, once a primary focus, has taken a backseat in recent discussions.
Meta Faces Financial Setback
The Reality Labs division’s performance fell significantly below expectations. While industry analysts had projected sales of approximately $299.3 million, the division reported a mere $210 million in revenue. Furthermore, the operating loss of $3.7 billion far exceeded what was anticipated, estimated at $3.9 billion.
Despite these substantial financial setbacks, Meta remains steadfast in dr
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