Meta to cut up to 30pc of Metaverse budget, Bloomberg News reports

04-12-2025 22:26 HKT

A Meta logo is pictured at a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo

Meta is expected to make up to 30 percent budget cuts for its Metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussion.

The Facebook-parent, whose shares rose more than 6 percent in premarket trading, did not immediately respond to a Reuters request for comment.

Meta has been investing heavily in AI products and metaverse - a shared virtual environment that it bets will be the successor to the mobile internet.

The company's augmented-reality unit has burned more than US$60 billion (HK$468 billion) since 2020.

REUTERS