Meta's metaverse-related losses topped $3.74 billion over the second quarter with the Big Tech player spending $7.7 billion on its virtual reality business so far in 2023.released on July 26 saw Meta report an 11% revenue gain compared to the previous year, totaling $31.9 billion. Its metaverse-focused Reality Labs revenue topped $276 million.
Reality Labs' operating losses are set to increase through 2023, Meta said. It cited product development efforts in virtual reality and further investments in to its metaverse as the reason for the losses extending. In Q1 2023, Meta reported Reality Labs losses at $3.9 billion for the quarter while bringing in $339 million in revenue.