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Meta Platforms (META) is preparing to cut its metaverse investments by approximately 30% for the forthcoming year, according to a Bloomberg report. The budget reductions will primarily impact the Reality Labs division, including Meta Horizon Worlds and the Quest VR unit, potentially leading to layoffs as early as January.
This decision follows a retreat where executives were directed to find 10% savings across departments. Reality Labs has recorded over $70 billion in losses since 2021, intensifying investor frustration. The report also notes that the company is pivoting towards AI development by establishing the Meta Superintelligence Lab and recruiting notable figures from the tech industry.
Currently, META shares are trading at $666.45, reflecting a 4.20% increase on NasdaqGS.
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