Meta's Reality Labs posts $3.85 billion loss in first quarter

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Facebook co-founder and chief executive, Mark Zuckerberg, speaks at an Oculus developers conference while wearing a virtual reality headset in San Jose, California. Meta shows no signs of substantially trimming its losses from investing in the metaverse, as competition heightens between the Facebook parent and Apple in the virtual reality market. In its first-quarter earnings report Wednesday, Meta disclosed that its Reality Labs unit recorded a $3.85 billion operating loss. Revenue in the metaverse division was $440 million, up about 30% from $339 million a year ago and representing only around 1% of Meta's total sales for the quarter. Analysts were expecting a $4.31 billion operating loss and sales of $512.5 million for the quarter, according to StreetAccount. Reality Labs has now lost more than $45 billion since the end of 2020, when Meta first began reporting the business segment separately.