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Meta says its metaverse-focused unit Reality Labs lost $2.9 billion in Q1 2022

Meta Platform Inc., formerly known as Facebook, released its first-quarter 2022 results on Wednesday, reporting that its Reality Labs unit, which focuses on the company’s metaverse, posted a $2.9 billion loss in Q1 of 2022. This loss figure represents an increase from the $1.8 billion loss in Q1 2021. On the revenue side, Reality Labs earned $695 million during the first quarter of this year, up from Q1 2021’s $534 million. “We expect 2022 total expenses to be in the …