Meta expects losses for Reality Labs to increase in 2023.
Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022.release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year.
“Our priorities haven’t changed since last year. The two major technological waves driving our roadmap are AI today and over the longer term the metaverse.” Zuckerberg further highlighted that there are more than 200 apps on VR devices that have managed to generate $1 million in revenue.The losses for Reality Labs are expected to continue. While answering a follow-up question during the earnings call, Meta CFO Susan Lithe company expects the full-year losses for the metaverse division to increase in 2023. According to the exec, the firm plans to invest “meaningfully” in this area, citing significant long-term opportunities.
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