Meta's Reality Labs posts $3.85 billion loss in first quarter

Facebook’s parent company, Meta, reported a $3.85 billion operating loss for its Reality Labs unit in the first quarter of 2022. Despite revenue of $440 million, representing about 1% of Meta’s overall sales, the metaverse division is still a costly venture. Meta’s CEO, Mark Zuckerberg, sees the metaverse as the “next frontier” and has rebranded the company to reflect this vision. While Meta faces competition from Apple in the virtual reality market, it aims to create new VR headsets using the Meta Horizon operating system, emphasizing an “open model” of computing.