Meta Platforms (META) expected to cut its metaverse budget by as much as 30% next year, a group that includes the company’s virtual worlds product Meta Horizon Worlds and its Quest virtual reality unit, Kurt Wagner of Bloomberg reports, citing people familiar with the discussion. Cost cuts of this size will most likely include layoffs as early as January, sources told Bloomberg. The proposed cuts in metaverse spending are part of Meta’s annual budget planning for 2026, which included meetings at CEO Mark Zuckerberg’s compound in Hawaii last month, the people said. Zuckerberg asked executives to look for 10% cuts across the board, they added. Shares of Meta are up 5%, or $32.50, to $672.10 in premarket trading.
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