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Facebook invests billions in metaverse efforts

Facebook has said it will start publishing the financial results of its augmented and virtual reality labs as a separate unit.

It's investing billions in its ambitions to build the "metaverse".

It comes as it reported that its main advertising business faces "significant uncertainty."

Facebook, which reported third-quarter profit up 17%, warned that Apple's new privacy changes would weigh on its digital business in the current quarter.

It says it expects its investment in its hardware division, Facebook Reality Labs, to reduce overall operating profit this year by approximately $10 billion.

It comes as the company is swamped by coverage of documents leaked by former Facebook employee and whistleblower Frances Haugen.

She says the company chose profit over user safety.

In a call with analysts on Monday, CEO Mark Zuckerberg issued a defence against criticisms stemming from the documents.

He said Facebook in the coming years will be seen not as a social media firm but as a company focused on the metaverse.

The buzzy term refers broadly to a shared virtual environment which can be accessed by people using different devices.

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