The development of the metaverse is causing great losses for Meta

The Reality Labs division continues to report quarterly losses.

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. This is a publication from site cryptodefix.com. Reality Labs also reported revenue of $452 million for the quarter, down 35% from the first quarter of the year.

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.