Meta universe unit Reality Labs to lose more than $10 billion in 2022

Meta released its financial report for 2022. The financial report shows that its metaverse division, Reality Labs, had revenue of US$727 million in the fourth quarter, a loss of US$4.3 billion, a year-on-year increase of 30.3%, and a total loss of US$13.7 billion for the full year of 2022. Meta lowered its forecast for full-year spending in 2023, saying spending would be between $89 billion and $95 billion, down from a previous forecast of $94 billion to $100 billion, due to slower expected growth in wage bills and revenue costs . Meta CEO Mark Zuckerberg said that VR is the cornerstone of metaverse technology. Meta’s VR devices currently support more than 200 applications and have generated more than $1 million in revenue. In addition, Zuckerberg also said that AR still needs technical research, and hopes to launch AR glasses in 2024.