Meta's metaverse division Reality Labs reported a loss of $4.65 billion in the fourth quarter of 2023

2024-02-02 13:57:36

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ChainCatcher news, the tech giant Meta reported its Q4 2023 results on February 1, showing that its metaverse division Reality Labs lost $4.65 billion last quarter, while revenue was nearly $1.1 billion. This is the largest quarterly operating loss for the division since Q4 2020, when Meta first included Reality Labs' financial data in its reports.

Reality Labs' total revenue for 2023 was slightly below $1.9 billion, with over half of that revenue coming in the fourth quarter when it launched the Meta Quest 3. The total operating loss for 2023 was $16.1 billion, an increase of 17.5% year-over-year.

Meta's Chief Financial Officer Susan Li stated that due to the development of AR and VR products and "further investments to expand the ecosystem," Reality Labs' losses are expected to "increase significantly year-over-year." Additionally, Meta's total revenue for 2023 was $134.9 billion, exceeding Wall Street research firm Zacks' expectations, and representing a 16% growth compared to 2022.

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