Meta's Reality Labs posts $5 billion loss in fourth quarter

Mark Zuckerberg, CEO of Meta Platforms, demonstrates the Meta Quest Pro during the virtual Meta Connect event in New York on Oct. 11, 2022.Meta continues to lose billions of dollars developing the virtual reality and augmented reality technologies needed to underpin the nascent metaverse.The social media giant reported fourth-quarter earnings Wednesday and said its Reality Labs unit recorded an operating loss of $4.97 billion while generating $1.1 billion in sales. Analysts were projecting that unit to log ...