Report: Meta to slash metaverse, VR spending by up to 30%
Four years after changing its name to reflect its focus on the loosely defined “metaverse,” Meta is planning deep cuts to the company’s money-losing virtual reality efforts, according to a report from Bloomberg.
Meta’s Reality Labs division, home to the teams working on metaverse products — which include Quest VR headsets, Horizon Worlds, and its Ray-Ban Meta glasses — has lost about $70 billion since the company started breaking out the unit in 2020.
The company has struggled to get consumers to buy into CEO Mark Zuckerberg’s vision of working and playing in virtual reality worlds, like the company’s Horizon Worlds platform.
Investors seem to love the news of the pivot, as shares shot up as much as 5% in early trading.
Meta’s recent hiring spree of AI superstars from competitors for its Meta Superintelligence Labs shows that the company’s attention is now all in on AI.
Meta’s Reality Labs division, home to the teams working on metaverse products — which include Quest VR headsets, Horizon Worlds, and its Ray-Ban Meta glasses — has lost about $70 billion since the company started breaking out the unit in 2020.
The company has struggled to get consumers to buy into CEO Mark Zuckerberg’s vision of working and playing in virtual reality worlds, like the company’s Horizon Worlds platform.
Investors seem to love the news of the pivot, as shares shot up as much as 5% in early trading.
Meta’s recent hiring spree of AI superstars from competitors for its Meta Superintelligence Labs shows that the company’s attention is now all in on AI.
