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US tech giant Meta's latest earnings report shows that its Metaverse business is still losing billions of dollars each quarter. Meta on Wednesday reported a $4.43 billion operating loss in its Reality Labs division, which develops augmented and virtual reality technologies. The loss was slightly smaller than the $4.68 billion analysts had expected. Reality Labs' third-quarter revenue rose 29% year-on-year to $270 million, missing analysts' expectations of $310.40 million. Reality Labs primarily ...
In the second quarter of this year, Mark Zuckerberg's Meta Platforms lost another $4.50 billion on its meta-universe business, Reality Labs, and its meta-universe loss in capital has increased to nearly $60 billion since 2019. During its second-quarter earnings call on July 31, Meta reported that its revenue beat expectations to $49 billion, up 22% from the same period last year and the second-largest quarter ever.
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