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Meta's Reality labs had its best quarter, but still lost more than $4 billion

Reality Labs, Meta’s division for AR, VR and the metaverse, just had its best quarter yet despite continuing its multibillion-dollar losing streak.

While crossing $1 billion in revenue is a new milestone for the company’s metaverse group, it’s still expected to continue racking up massive losses for the foreseeable future. Meta CFO Susan Li said that these losses are expected to “increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem.” Zuckerberg also talked more about his newly-stated ambition to create artificial general intelligence, or AGI at Meta, saying it would be the “theme” of the company’s product work going forward.

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