It was hard to ignore the red ink in Meta Platforms' (NASDAQ: META) latest earnings report.

Once again, the Facebook parent posted a huge loss in its Reality Labs segment at $2.8 billion for the three-month period. Slowing growth in its advertising business and the cash burn in the metaverse-focused division has forced the company to cut back on its hiring goals in order to control spending.

It's no secret by now that CEO Mark Zuckerberg is a big believer in the metaverse , which he describes as a kind of "embodied internet." Zuckerberg even changed the company's name from Facebook to reflect its focus on the metaverse, and he's hired thousands of engineers for Reality Labs, its division focused on virtual reality and augmented reality.

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Source Fool.com