Meta lost an astonishing $16 billion on the Metaverse last year.
• But Wall Street loves Meta late Thursday: Its stock is up another 12%.
• One big reason: Even with the Metaverse losses, Meta's margins are way, way better.
Remember when investors were worried that Mark Zuckerberg was incinerating money on the Metaverse and virtual reality?
Well, that's still happening: Last…