Meta Platforms, formerly known as Facebook, has reported losses in its Reality Labs division, which develops virtual reality (VR) technologies.
Despite the losses, the company plans to continue investing in the sector as it sees significant long-term opportunities.
Reality Labs reported a loss of $13.7 billion in 2022 compared to $10.2 billion in 2021. The CEO, Mark Zuckerberg, said the company will launch its next-generation VR headset which will feature Meta Reality.
Meta’s net income for the full year through Dec. 31 fell 41% to $23.2 billion. Despite this, the company’s stock price rose over 20% in after-hours trading on Wednesday due to better-than-expected Q4 revenue of $32.17 billion and reaching 2 billion daily active users in December.
