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Meta to cut up to 30% of Metaverse budget, Bloomberg News reports
Dec 4 (Reuters) – Meta is expected to make up to 30% budget cuts for its metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussion.
CEO Mark Zuckerberg has heavily bet on the augmented-reality unit, with the company changing its name to Meta from Facebook in 2021. The unit has burned more than $60 billion since 2020.
The proposed metaverse cuts are part of the company's annual budget planning for 2026, which included a series of meetings at Zuckerberg's compound in Hawaii last month, Bloomberg reported.
Cuts that high would most likely include layoffs as early as January, according to the report.
Meta stock climbs 4% on report of planned metaverse cuts
Meta Platforms shares popped about 4% higher on Thursday after Bloomberg reported that CEO Mark Zuckerberg was looking to make significant cuts to the company's metaverse resources.
Bloomberg said that executives have considered budget cuts as high as 30% for the unit, citing people familiar with the talks.
The move would be notable for the Facebook parent company, which changed its name to Meta in October 2021 to signal its pivot beyond social media.
Zuckerberg said at the time that "the metaverse is the next frontier just like social networking was when we got started."
The proposed cuts would likely include layoffs, according to Bloomberg, which said the cuts were part of budget planning for 2026. The cuts will likely hit the company's virtual reality group.
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