Meta Platforms Inc. Previously known as Facebook Inc (NASDAQ :)., published its Q1-2022 earnings on Wednesday. Reality Labs’ Metaverse-focused division posted increased losses.

The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. This is 61% higher than the $1.8 billion Q1 2021 loss.