Meta’s fourth-quarter revenue was $727 million.

Meta (formerly Facebook) lost a whopping $13.7 billion in operating losses to Reality Labs in 2022, giving a huge boost to its dream of AR-VR and Metaverse.
In the Reality Labs segment, revenue in the fourth quarter was $727 million, down 17% due to lower Quest 2 sales.

Reality Labs expenses were $5 billion, up 20% due mainly to employee costs and restructuring expenses.Reality Labs’ holiday quarter 2022 operating loss was $4.3 billion.
Meta bought augmented reality hardware maker Oculus in 2014 for $2 billion.
Last year, Meta founder and CEO Mark Zuckerberg said the company would invest $10 billion to realize its Metaverse dream.

Meta CFO Susan Lee said the company expects its annual losses from Reality Labs to be even higher in 2023.
“We’re going to continue to invest heavily in this area given the significant long-term opportunities we see. It’s a long-term investment,” Lee said.

Zuckerberg said the company released Quest Pro late last year.
“It’s the first mass-market mixed reality device, and we’re setting the standard for the industry with our Meta Reality system,” he said.

“Beyond MR, the broader virtual reality ecosystem continues to grow. We currently have more than 200 apps installed on our virtual reality devices that have generated more than $1 million in revenue,” the Meta CEO said.
The company launched avatars on WhatsApp last quarter, and more than 100 million people have already created avatars on the app.