Facebook's Meta Will Devote 20% of Costs To Metaverse Next Year

Facebook parent company Meta Platforms will continue to devote about 20% of its overall costs and expenses to Reality Labs in 2023, despite questions about the business division focused on augmented and virtual reality and the so-called metaverse. From a report: The projection, given by CTO Andrew Bosworth in a blog post Monday, is little changed from the 18% of spending Meta devoted to Reality Labs in the third quarter. Meta stock is down nearly 65% this year, and some have questioned Meta CEO Mark Zuckerberg's expensive bet on the metaverse which comes as the company has cut other costs, including widespread layoffs. Reality Labs reported a loss from operations of $9.4 billion through the first nine months of the year; Meta's family of apps, by comparison, brought in roughly $32 billion in profit during that same period. A 20% investment in futuristic technologies is a "level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth," Bosworth said. Alternative, non-paywalled source: Axios.

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