Per Blockworks:

Meta’s Reality Labs business — the division in charge of producing metaverse-related technology — once again saw heavy losses, hemorrhaging nearly $3.7 billion during the third quarter.

The company’s family of apps division, which includes Facebook, Instagram, Messenger and WhatsApp, posted a net income of roughly $9.3 billion during the quarter, down about 28% year over year.

Overall, Meta’s earnings per share of $1.64 fell short of the $1.89 expected. Its net income of nearly $5.7 billion in the third quarter is down 46% from the third quarter of 2021.

“We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,” Meta Chief Financial Officer David Wehner said in a statement. “Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run.”

See META flow: unusualwhales.com/flow