Facebook parent company Meta Platforms Inc. posted nearly $3 billion in losses in the first three months of 2022 for its Metaverse-focused Reality Labs division.
According to an earnings report (pdf) published on April 27, the company’s Facebook Reality Labs (FRL) division, which houses its augmented and virtual reality operations, had $695 million in revenue in the first quarter, driven by sales of its Quest 2 virtual reality headset.
That beat Wall Street’s expectations of $683 million.
However, the FRL division posted a loss of $2.9 billion for the first quarter, an increase of more than 61 percent from its $1.8 billion loss in the first quarter of 2021.
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