Meta’s Reality Labs posts $4.4 billion loss in third quarter

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continues to sink money into the metaverse, anchored by virtual reality and augmented reality technologies.

The company reported third-quarter earnings on Wednesday and said that the Reality Labs division recorded an operating loss of $4.4 billion while generating $470 million in sales during the period.

Wall Street was expecting Reality Labs to post an operating loss of $5.1 billion on $316 million in revenue.

The Reality Labs unit is responsible for developing the company’s Quest-branded family of VR headsets and Ray-Ban and Oakley AI smart glasses that Meta develops in partnership with eyewear giant EssilorLuxottica.