Metaverse lost $4.4 billion in the third quarter, with cumulative losses exceeding $58 billion
the latest financial report from US tech giant Meta shows that its metaverse business is still losing billions of dollars every quarter. On Wednesday, Meta released its Q3 financial report, stating that its Reality Labs division, which develops augmented and virtual reality technology, had a operating loss of $4.43 billion. The loss was slightly smaller than analysts' expectations of $4.68 billion. Reality Labs' Q3 revenue increased by 29% year-on-year to $270 million, lower than analysts' expectations of $310.4 million. Reality Labs mainly earns profits by selling Meta's Quest VR headset and Ray-Ban Meta smart glasses.
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