The losses at Meta's Reality Labs division, which is focused on the metaverse, amounted to $3.7 billion between July and September and to $9.4 billion since the beginning of the year.
According to the Q3 earnings report filed by the company, the business unit's revenue stood at $285 million compared to $558 million in the same period last year.
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Notably, in 2021, Reality Labs posted a loss of $10.2 billion and revenues of $2.3 billion in revenue.
According to the press release, company executives "do not expect the division's operating losses to increase significantly in the coming year."
The CEO of Altimeter Capital Management wrote on the eve of the quarterly reports release an open letter to Meta CEO Mark Zuckerberg with a proposal to reduce personnel costs by at least 20%, investment by at least $5 billion and limit spending on Reality Labs development by $5 billion a year.