Meta revealed that its metaverse division Reality Labs lost more than $3.6 billion in the third quarter of 2022, compared to $2.63 billion in the same period last year.

This year continues to be a challenge for Meta’s metaverse ambitions. In the second quarter of 2022, the project lost $2.8 billion. According to the quarterly report, Meta’s Reality Labs has lost more than $9.43 billion so far this year.

“We anticipate Reality Labs operating losses in 2023 to grow significantly year over year,” the report read. “Beyond 2023, we look forward to accelerating Reality Labs’ investments so that we can achieve our long-term goal of increasing the company’s overall operating income.”

The metaverse is a buzzword used to describe the next iteration of the internet. The metaverse is largely characterized by persistent, shared…