Metaverse losses top $3.6B for Meta with spending set to increase
Cointelegraph
Published Oct 26, 2022 10:34PM ET
Updated Oct 27, 2022 12:20AM ET
Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.
The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made $285 million in revenue for the third quarter, its lowest on record within that time.
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Written By: Cointelegraph
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