Reality Labs lost Meta $2.8bn in the last three months

Meta has released its quarterly financial results, giving insight into its recent decision to increase the price of its Meta Quest 2 headset.

Reality Labs, the division of Meta which works on its virtual reality and metaverse products, posted a net $2.8bn loss over the last three months.

Revenue during this period saw a 48 percent increase to $452m, which CFO Dave Wehner attributed to sales of Meta Quest 2 during Meta’s earnings call with investors, but this was heavily outweighed by the costs and investments Meta is putting into Reality Labs.

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