With a $3.7 billion loss in the third quarter, Meta reported another $1 billion loss on its metaverse projects.

Reality Labs, a division of Meta that oversees augmented and virtual reality operations, lost $3.7 billion in the third quarter.

The shortfall is due to the significant expenses Meta incurs to achieve CEO Mark Zuckerberg’s metaverse goal.

Meta has spent twice as much this year as last year, and 2022 still has one more quarter to go.

Meta’s Reality Labs arm received several billion from those funds, though it only generated $285 million in revenue.

Regarding Reality Labs, Meta lost $3.7 billion in the third quarter compared to $2.8 billion in the second.

The losses won’t stop there either, as Meta anticipates even more considerable…