The development of the metaverse is causing great losses for Meta

The Reality Labs division continues to report quarterly losses.
The development of the metaverse is causing great losses for Meta

Meta Platforms’ losses in metaverse development totaled $5.77 billion for the first half of 2022, based on the company’s quarterly report.

Reality Labs recorded a loss of $2.8 billion for the second quarter, up 15% from a year ago. Reality Labs also reported revenue of $452 million for the quarter, down 35% from the first quarter of the year. Publication fro​m project CryptoDeFix.

Reality Labs is a separate division of Meta Platforms, a holding company that develops projects and devices for virtual reality, augmented reality and meta-universes. Meta announced the launch of its own metaverse in 2021.

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