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

Meta may be planning to make deep cuts to its Metaverse division, Bloomberg I mentionedciting anonymous 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 goes ahead with such a plan, the move would reflect a general lack of interest in products like Meta’s social VR platform Horizon Worlds, as well as its own VR hardware — both in the industry overall, and among consumers.

since dead Rebranding In 2021, Investors It’s done Skeptical From the company’s allocation of resources to Metaverse projects, which lose billions of dollars every quarter. The company’s efforts in artificial intelligence and smart glasses have been more successful, although investors remain wary of its investment plans. abrupt.

Meta stocks roseBut after this report.

Meta did not immediately respond to a request for comment.