Meta continues to burn through cash for its flailing metaverse and VR project, which lost $3.7 billion in the 3rd quarter

Thu, 10/26/2023 - 06:53

Mark Zuckerberg's avatar at a Meta connect event.

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Meta's Reality Labs division lost $3.7 billion in the third quarter.
Meta's recent earnings, posted Wednesday, shows its VR and metaverse push is still bleeding money.
Meta said Reality Labs' revenue was down 26% this quarter, but it's still a "major long-term focus."

Mark Zuckerberg's big metaverse gamble is still not paying off.

Meta posted its third-quarter earnings report on Wednesday, which showed that Reality Labs lost $3.7 billion, the same amount as the previous quarter.