Meta’s Metaverse Division Loses $3.7 bn. in Q3, Expecting Losses to Rise in 2023

According to its financial results published on Wednesday, Meta Platforms, Facebook’s parent company, recorded third-quarter sales of only $285 million in its Facebook Reality Labs (FRL) business, which includes its virtual reality and augmented reality operations. As compared to the second quarter’s $452 million and the analyst average expectation of $406 million, this was a significant underperformance. FB’s Parent Company Misses Revenue Estimates FRL’s overall loss was $3.7 billion, up from $2.8 billion during the second quarter. Additionally, the business predicted in a press statement that FRL’s operating losses would increase “substantially” year over year in 2023. The statement read, The post Meta’s Metaverse Division Loses $3.7 bn. in Q3, Expecting Losses to Rise in 2023 appeared first on Cryptoknowmics-Crypto News and Media Platform.