A year later, Meta’s pivot into the metaverse is proving even more costly. Reality Labs is losing more money than ever, Facebook’s parent company revealed in its latest earnings report.

Reality Labs, the unit that oversees the company’s virtual and augmented reality projects, lost $3.7 billion in the third quarter of 2022, a jump from a loss of $2.6 billion a year ago and $2.8 billion in the year. last trimester. Reality Labs has lost more than $9 billion so far in 2022. And the company’s chief financial officer said the trend is unlikely to reverse any time soon. “We anticipate Reality Labs’ operating loss in 2023 to grow significantly year-over-year,” outgoing CFO Dave Whener said in a statement.

That’s significant because Meta’s massive investment in Reality Labs has already proven…