Meta's metaverse division Reality Labs reported a loss of $3.9 billion in the first quarter

ChainCatcher news, Meta recently released its unaudited financial report for the first quarter of the 2023 fiscal year ending March 31, which shows that the revenue of Reality Labs, Meta's metaverse division, was $339 million in the quarter, down from $695 million in the same period last year. Reality Labs reported a loss of $3.9 billion for the quarter, compared to a loss of $2.9 billion in the same period last year.

Zuckerberg stated that the metaverse remains "the core of defining the future of social connections," but after the success of OpenAI's ChatGBT, it will also heavily rely on artificial intelligence as its "largest single investment." Zuckerberg also added that while the company is actively promoting its plans to utilize artificial intelligence, this does not mean the company is downplaying its metaverse vision. (source link)