Meta’s Reality Labs posts $5 billion loss in fourth quarter
Mark Zuckerberg, CEO of Meta Platforms, demonstrates the Meta Quest Pro during the virtual Meta Connect event in New York on Oct. 11, 2022.Michael Nagle | Bloomberg | Getty ImagesMeta continues to lose billions of dollars developing the virtual reality and augmented reality technologies needed to underpin the nascent metaverse.The social media giant reported fourth-quarter earnings Wednesday and said its Reality Labs unit recorded an operating loss of $4.97 billion while generating $1.1 billion ...
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