Meta-owned Reality Labs, the research and business unit focused virtual reality and bringing the ‘metaverse’ phenomenon to life has reported an operating loss of $13.7 billion in 2022, but Meta CEO Mark Zuckerberg remains persistent on his metaverse vision, and plans to continue investing in this business division.

After asked about how the firm’s efficiency applies to Reality Labs in an earnings call, Zuckerberg replied that “none of the signals” he has seen so far would suggest a “shift in the Reality Labs long term strategy”. In 2023, the company aims to launch another revolutionary consumer virtual reality (VR) headset.

The Meta stock (NASDAQ: META) has propelled in Wednesday’s after-hours trading after the company’s latest quarter earnings call highlighted bolstered revenue which beat expectations, rising over 20% to currently price at $183.99 apiece before the market opens on Thursday.

Sources:

https://www.cnbc.com/2023/02/01/facebook-parent-meta-earnings-q4-2022.html

https://cointelegraph.com/news/meta-ceo-zuckerberg-steadfast-on-metaverse-plans-despite-13-7b-setback

https://www.businessinsider.com/meta-reality-labs-metaverse-lost-1b-more-than-year-ago-2023-2