Meta shares climb on report of possible 30% metaverse budget cut
Cointelegraph
Meta's stock rose after reports indicated a potential 30% reduction in metaverse spending, shifting focus to VR glasses and AI.Summary
Meta is considering a reduction of up to 30% in its metaverse budget, redirecting funds towards virtual reality glasses and artificial intelligence development. This potential cut, impacting the Reality Labs division, comes as interest in the metaverse has slowed and competition has cooled, with companies like Apple and Google scaling back their VR efforts. Wall Street reacted positively, with Meta's shares increasing by 3.4% on Thursday. Despite the shift, Meta CEO Mark Zuckerberg emphasizes the company's commitment to virtual reality glasses and a new creative studio focused on design and technology for these devices, believing they will revolutionize how people interact with technology.
(Source：Cointelegraph)