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 <p class="is-style-lead">Reality Labs, Meta’s subsidiary focused on <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a>ing the <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a>, recorded an operating loss of $4.65 billion in the last quarter of 2023.</p>
 <p>Meta keeps doubling down on its bet on the <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a> as its expenses to <a rel="noopener noreferrer nofollow" title="develop" href="https://thebittimes.com/tag/develop.html">develop</a> virtual reality hit an all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high in Q4, 2023. According to the company’s fourth-quarter earnings <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>, 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.</p>
 <p>In total, Reality Labs’s cumulative loss surpassed the $42 billion mark since late 2020, according to Meta’s financial <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>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.</p>
 <blockquote class="wp-block-quote">
  <p>“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.”</p>
  <p>Mark Zuckerberg, Meta founder and CEO.</p>
 </blockquote>
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 <p>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.</p>
 <p>The concept of the metaverse involves immersive, interconnected virtual spaces accessed by users through the Internet. As per research done by ResearchAndMarkets, the global metaverse market is projected to grow massively, reaching $322 billion by 2030.</p>
 <p>Following the earnings <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> release, Meta’s shares soared by 15% to $453 in extended trading, according to Google Finance.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Meta faces pressure from Congresswoman Maxine Waters over crypto trademark filings
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/meta-s-metaverse-developer-reports-all-time-high-net-loss-in-q4-2023-tbt78627.html">https://thebittimes.com/meta-s-metaverse-developer-reports-all-time-high-net-loss-in-q4-2023-tbt78627.html</a></p>

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

TheBitTimes

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