Meta Platforms, formerly Facebook, reported a wider loss of $13.7 billion at its Reality Labs division, which develops virtual reality technology, in 2022 compared to the previous year, according to its Q4 earnings report.

Despite the increased losses, the company will continue investing in the division due to the significant long-term opportunities in the sector, according to Meta’s CFO Susan Li.

The company’s CEO Mark Zuckerberg also stated that they will launch their next-gen consumer VR headset featuring Meta Reality.

Meta’s total net income for the year declined 41% to $23.2 billion, but the company reached 2 billion daily active users in December. The Q4 revenue of $32.17 billion beat expectations, causing Meta’s shares to jump over 20% in after-hours trading.