Meta's metaverse division reported a loss of $4.4 billion in the third quarter, with a cumulative loss exceeding $58 billion

ChainCatcher News: Meta, the American tech giant, reported in its latest financial results that its metaverse business continues to lose billions of dollars each quarter. On Wednesday, Meta announced its third-quarter earnings, stating that its Reality Labs division, which develops augmented reality and virtual reality technologies, incurred an operating loss of $4.43 billion. The loss was slightly smaller than the $4.68 billion expected by analysts surveyed by StreetAccount.

Reality Labs' revenue in the third quarter increased by 29% year-over-year, reaching $270 million. Reality Labs primarily generates revenue through the sale of Meta's Quest VR headsets and Ray-Ban Meta smart glasses. Since 2020, Reality Labs has accumulated an operating loss of over $58 billion.