• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Meta Reality Labs

Meta’s Reality Labs Reports $3.6 Billion In Losses, When Will It End?

Best Owie by Best Owie
3 months ago
in metaverse
Reading Time: 3 mins read
Advertisement

Meta (formerly Facebook) officially declared its entry into the metaverse space last year with the Reality Labs division. Its announcement had understandably triggered the popularity of metaverse projects and their tokens during this time, as a lot went on to rally to billions of dollars in market cap. However, while Meta had been able to trigger positive growth for other metaverse projects, it has been unable to do so for itself as it reports another quarter of massive losses.

Meta’s Reality Labs Records Losses

Since Meta’s entry into the space via its Reality Labs division, the tech giant has been unable to secure any positive returns. Through its various quarters since then, the metaverse division has reported losses after losses which have now run into double-digit billions.

In the most recent report for the 3rd quarter of 2022, the Meta metaverse division reported that it lost $3.6 billion. This will be the division’s highest quarterly loss to date but it follows the established trend of losses since inception.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!
Related Reading: Dormant Ethereum Whale Rouses As Crypto Market Sees A Revival

For the same time period in 2021, Reality Labs reported a loss of $2.63 billion. Then in the second quarter of 2022, the division reported a loss of $2.8 billion. It now brings the total losses of the division to $9.43 in a one-year period. Reality Labs’ Q3 2022 revenue came out to a total of $285 million, which is the lowest revenue figure so far. 

Meta Reality Labs Earnings Report

Meta's metaverse financial highlights for Q3 | Source: Meta

The company looks to be on track to beat its metaverse loss volumes for the year 2021 which came out to about $10 billion. Presently, Meta is only about $500 million in losses away from beating its last year’s figures.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

When Will The Bleed Stop?

Even though Reality Labs has been burning through billions of dollars, Meta is not ready to give up on its metaverse dreams. The company continues to dip its feet farther into the water and presented expectations for next year, which are still negative.

According to its Q3 earnings report, Meta expects Reality Labs to see even more losses in 2023. Dave Whener, Meta’s Chief Financial Officer, said that the metaverse division is actually anticipating more losses in the new year. “Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run,” Whener revealed.

Related Reading: Bitcoin’s Break Above $20,000 Sees Market Liquidations Cross $1 Billion

Despite the losses, Meta boss Mark Zuckerberg believes that what Reality Labs is building is ‘better for everyone.’ Zuckerberg alluded to the fact that Meta is building an open metaverse which is superior to closed ecosystems being developed by some competitors.

Reality Labs was launched in 2020 and has launched multiple VR headsets for an immersive experience. The metaverse division has launched Meta’s “Horizon Worlds” which is currently available in multiple countries worldwide and accessible with Oculus VR headsets.

Featured image from XR Today, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Tags: facebookMetaMeta earningsMeta's Reality LabsMetaverseOculusquarterly earningsReality Labs
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Best Owie

Best Owie

Related Posts

Sandbox

Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

7 months ago
The Sandbox

The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm

8 months ago
Moonbirds

Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

9 months ago
Metaverse

ApeCoin (APE) Is Now The Biggest Metaverse Token, Edging AXS, MANA, SAND

9 months ago
Metaverse tokens

Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum

9 months ago
Metaverse

Metaverse May Be Worth $13 Trillion By 2030, US Banking Giant Citi Says

10 months ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

“Gold has been the best performing investment asset over the last two decades”: an interview with Easygold

January 30, 2023

The Crypto Dream Team: Binance Coin (BNB), Polygon (MATIC) and Orbeon Protocol (ORBN)

January 30, 2023

Polygon (MATIC) and Fantom (FTM) Are Losing Favor With Investors As They Turn To Snowfall Protocol (SNW) For 1000x Potential Gains!

January 30, 2023

Tezos (XTZ) shares its 12th protocol upgrade, Twitch Co-Founder’s Gaming NFT Marketplace Expands to Polygon (MATIC) Network while Snowfall Protocol (SNW) Breaks Record Highs

January 30, 2023

Snowfall Protocol Investors Happy After the Release of Snowfall DEX, Twitch Co-Founder’s Solana Gaming Platform Fractal Expands to Polygon, And Majority of Dogecoin Holders Are in Profits Despite the Meme Coin Being Down 87% From Its 2021 ATH

January 30, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.