Meta’s metaverse developer reports all-time high net loss in Q4, 2023
Reality Labs, Meta’s subsidiary focused on develop ing the metaverse , recorded an operating loss of $4.65 billion in the last quarter of 2023. Meta keeps doubling down on its bet on the metaverse as its expenses to develop virtual reality hit an all -time high in Q4, 2023. According to the company’s fourth-quarter earnings report , Reality Labs suffered a net loss of $4.65 billion in Q4 2023, an 8.5% increase compared to Q4 2022 and the largest one the company’s subsidiary witnessed thus far. In total, Reality Labs’s cumulative loss surpassed the $42 billion mark since late 2020, according to Meta’s financial report s. Nevertheless, there was a notable uptick in Meta’s revenue within Reality Labs, soaring from $727 million in Q4 2022 to over $1 billion in Q4 2023, as Meta debuted its Quest 3 VR headset last fall. “We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for a...