Meta’s virtual reality division reports huge loss in Q1 2022.

April 28, 2022

Meta reported nearly $3 billion in losses in its newly created Facebook Reality Labs in the first quarter of 2022

Facebook Reality Labs consists of the platform’s augmented reality and virtual reality operations.

The “Metaverse” division reported $695 million in revenue in the first quarter of the current year.

Meta generated a total revenue of $27.2 billion from its other apps including Whatsapp and Instagram in the same quarter.

Last year, the social media giant reported a loss of $10.2 billion on revenue of $2.3 billion for its virtual reality division.

Despite the huge loss in the first quarter, the company is quite positive on the Metaverse’s future.

Meta CEO commented that the company is laying the groundwork for a very successful 2030s.