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Remember when investors were worried that Mark Zuckerberg was incinerating money on the Metaverse and virtual reality?

Well, that’s still happening: Last year, Meta lost $16.1 billion on its “Reality Labs” division, the group that brings you things like the Oculus goggles. That’s up from a loss of $13.7 billion in 2022.

Those losses are accelerating, too: In the last quarter of 2023, Meta lost $4.6 billion on the Metaverse.

There’s more to come, Zuckerberg is promising investors: “For Reality Labs, we expect operating losses 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,” Meta said in its most recent earnings release.

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