Reality Labs, the Metaverse division of Meta, suffered a loss of US$4.65 billion in Q4 2023, with revenue of nearly US$1.1 billion.

Tech giant Meta’s fourth-quarter 2023 results released on February 1 showed that its Metaverse unit Reality Labs lost $4.65 billion in the last quarter, while revenue was nearly $1.1 billion. It was the division's largest quarterly operating loss since the fourth quarter of 2020, when Meta first included Reality Labs' financial data in its report. Reality Labs' total revenue in 2023 was just under $1.9 billion, with more than half of that revenue coming in the fourth quarter, when it released Meta Quest 3. Total operating losses in 2023 were $16.1 billion, up 17.5% year over year. Meta CFO Susan Li said Reality Labs' losses are expected to "increase significantly year over year" due to the development of AR and VR products and "investments to further expand the ecosystem." Additionally, Meta's full-year 2023 revenue of $134.9 billion exceeded Wall Street research firm Zacks' estimates and represented a 16% increase from 2022 results. (Cointelegraph)