US tech giant Meta's latest earnings report shows that its Metaverse business is still losing billions of dollars each quarter. Meta on Wednesday reported a $4.43 billion operating loss in its Reality Labs division, which develops augmented and virtual reality technologies. The loss was slightly smaller than the $4.68 billion analysts had expected. Reality Labs, which primarily profits from the sale of Meta's Quest VR headset and Ray-Ban Meta smart glasses, posted a 29 per cent year-on-year rise in third-quarter revenue to $270 million, missing analysts' expectations of $310.40 million. Reality Labs has racked up operating losses of more than $58 billion since 2020.