Facebook's Latest Financial Results Show It Has Lost Nearly $20 Billion To VR Since 2020 – Kotaku

Image: Kotaku / ShutterStock / Kevin Dietsch (Getty Images)A metaverse filled with digital worlds and avatars might be coming someday, but it won’t be cheap. Facebook parent company Meta has released its financial results for the first quarter of 2022 and it shows that this year alone, the company’s virtual reality-focused department has lost $2.96 billion so far. This continues a trend of operating heavily in the red, with the same division having lost nearly $20 billion since 2020. As reported by VentureBeat, Meta released its 2022 Q1 financial results yesterday and revealed that Reality Labs, the company’s virtual reality-focused group, had lost just around $3 billion. During that same time period, the division brought in just $695 million in profits. Now, in most cases I wouldn’t be saying “just” before a number as disgustingly huge as 695 million. However, that’s a drop in the bucket compared to what Mark Zuckerberg’s company has spent on VR. In 2021 alone, Meta lost $10 billion via its VR business. In that same year, it brought in a profit of $2.3 billion, less than what it’s lost in just the first quarter of this year. And remember, in 2020 Meta’s VR division burned…
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