Meta’s Q1 2023 saw sales up 3% with its $28.65 billion revenue beating Wall Street analysts’ expectations. But a quick peek into the breakdown showcases staggering losses within Meta’s metaverse-focused Reality Labs division. Reality Labs cost Meta $3.99 billion this quarter alone. Last year, it lost $14 billion as Zuckerberg focused on developing a metaverse to supplement the new work from home culture that has arisen after the pandemic.
Source: Meta’s Reality Labs Losses Total $30 Billion — $4B This Quarter