Meta had its best quarter since 2021 despite losing more money on the metaverse
Meta just had its best quarter since 2021, even as it continues to lose massive amounts of money on the metaverse. In fact, the company said it expects to lose even more money on its efforts in the year to come.
Reality Labs, the Meta division overseeing its virtual and augmented reality projects, lost $3.7 billion during the second quarter of 2023 and generated just $276 million in revenue, according to the company’s latest earnings report. And the company, once again, said it expects its metaverse spending to…