Mark Zuckerberg continues to develop virtual worlds and this requires a lot of money. Meta's latest report confirms this. Reality Labs, which is working to build the metaverse, says it posted a $3.7 billion operating loss in the most recent quarter. And since the beginning of 2022, the company has accumulated a deficit of $9.4 billion. Dave Wehner, who holds the position of CFO, said that the Reality Labs division will suffer even greater losses in 2023.

General report

The tech giant's revenue fell 4% year-on-year to $27.7 billion. Profit decreased by 52 percent and amounts to 4.4 billion US dollars. Facebook is concerned that advertisers are spending less on online ads due to high inflation conditions and economic woes.

The founder of the Meta network is optimistic about the future of the social network and its metaverse.

Meta and L’Oréal

Recently, Meta, together with L’Oréal and HEC Paris University, launched an accelerator that funds Web3 startups. In this way, companies that create avatars will be funded.

In 2023, the Meta will launch a "new generation of avatars". These avatars will have a body, a lot of settings and integration with video calls.