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Reality Labs, Meta’s subsidiary focused on developing the metaverse, recorded an operating loss of $4.65 billion in the last quarter of 2023. 
<a href="https://crypto.news/tag/meta/" target="_blank" rel="noreferrer noopener">Meta</a> keeps doubling down on its bet on the <a href="https://crypto.news/tag/metaverse/" target="_blank" rel="noreferrer noopener">metaverse</a> as its expenses to develop virtual reality hit an all-time high in Q4, 2023. According to the company’s fourth-quarter <a href="https://investor.fb.com/investor-news/press-release-details/2024/Meta-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Initiates-Quarterly-Dividend/default.aspx" target="_blank" rel="noreferrer noopener">earnings report</a>, <a href="https://crypto.news/tag/reality-labs/" target="_blank" rel="noreferrer noopener">Reality Labs</a> 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 reports. 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. 
<blockquote class="wp-block-quote"> 
 “We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for advancing AI and the metaverse.” 
 Mark Zuckerberg, Meta founder and CEO. 
</blockquote> 
 You might also like: <a href="https://crypto.news/meta-faces-pressure-from-congresswoman-maxine-waters-over-crypto-trademark-filings/"> China onboards Tencent, Huawei, Ant Group for metaverse working group </a> 
Meta has been pitching the metaverse for a while now, as Zuckerberg has repeatedly expressed his commitment to the company to become a leader in the development of the metaverse. 
The concept of the metaverse involves immersive, interconnected virtual spaces accessed by users through the Internet. As per <a href="https://crypto.news/global-metaverse-market-could-reach-322-billion-by-2030-research-shows/" target="_blank" rel="noreferrer noopener">research</a> done by ResearchAndMarkets, the global metaverse market is projected to grow massively, reaching $322 billion by 2030. 
Following the earnings report release, Meta’s shares soared by 15% to $453 in extended trading, according to Google Finance. 
 Read more: <a href="https://crypto.news/meta-faces-pressure-from-congresswoman-maxine-waters-over-crypto-trademark-filings/"> Meta faces pressure from Congresswoman Maxine Waters over crypto trademark filings </a>

Meta’s metaverse developer reports all-time high net loss in Q4, 2023

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