A division of Meta*, Facebook* Reality Labs, which develops metaverse technologies,
The division brings huge losses for the seconda year in a row, in 2021, losses amounted to $10.2 billion. Moreover, the company suffers losses against the backdrop of falling revenues. And this is a stable trend: in 2021, the company earned $2.3 billion, in the first quarter of 2022 - $695 million, in the second - $452 million. Analysts expect revenue to decline even more in the third quarter.
By comparison, in the first quarter of 2022, Meta lost $2.96, and in the second quarter it lost $2.3 billion. Against the background of $10.2 billion in 2021, the losses in 2022 may be even greater.
After the release of the financial report, Meta shares fell sharply by 4%.
* the organization is recognized as extremist, its activities are prohibited on the territory of Russia