Meta has announced plans to lay off more than 11,000 employees, around 13% of the company's staff.
The Reality Labs division, comprising Meta's metaverse and VR businesses, has lost $30.7 billion.
Meta said it anticipated that Reality Lab's operating losses in 2023 would grow significantly.
From the start of 2019 to September 30, 2022, Meta invested $36 billion into Reality Labs, an Insider analysis found.
Insider's Kali Hays previously reported that employees in the Reality Labs division had been expecting layoffs.