Meta reportedly plans to slash Metaverse budget by up to 30%

Meta Is Probably Planning to Make Serious Cuts at Its Metaverse Division, Bloomberg informedCiting unknown sources.

Company executives are considering cutting the virtual reality platform’s budget by up to 30%, the report said, adding that any cuts would also include layoffs.

If Meta moves forward with such a plan, the move would reflect a lack of interest in products like Meta’s social virtual reality platform Horizon Worlds, as well as its virtual reality hardware – both in the industry at large, as well as among consumers.

since meta renaming In 2021, investors remained confused In allocating the company’s resources to metaverse projects, it loses billions of dollars each quarter. The company’s efforts in AI and smart glasses have been more successful, although investors are still concerned about its investment plans too steep,

meta shares RoseHowever, after this report.

Meta did not immediately respond to a request for comment.