FACEBOOK IS SPENDING AT LEAST $10 BILLION THIS YEAR ON ITS METAVERSE DIVISION

Facebook plans to spend at least $10 billion this year on Facebook Reality Labs. The division is tasked with creating AR and VR hardware, software, and content. The company missed revenue expectations by around $1 billion in its third-quarter earnings report. It’s a sign to investors that the Reality Labs business matters and should be judged separately from how they value Facebook today.
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