Meta’s lost over $9 billion on Reality Labs this year so far

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Meta reported $3.67 billion in operating losses from Reality Labs this past Q3, following a deficit of $5.77 billion in H1 2022. That’s a total of $9.44 billion in losses from Meta’s division for augmented and virtual reality (AR/VR) hardware and software.

Beyond the chart: The company said it anticipates these losses will “grow significantly” in 2023, but it considers these losses an investment in long-term growth.

While Meta remains committed to the tech, as our principal analyst Yoram Wurmser writes, “there may not be enough potential VR users to support Meta’s vision of the metaverse.”

More like this:

• Report: The Future of Meta
• Article: Big Tech’s earnings malaise reflects wider economic challenges
• Article: Facebook became Meta a year ago. How has the company changed?

Read Friday’s Chart of the Day here.