Despite Q1 company earnings rising 27% year-over-year, Reality Labs will have to cut costs.
Meta will reportedly cut the budget of its Reality Labs, the division responsible for developing the company’s metaverse hardware and software, by about 20% between now and 2026.
This comes via a report from The Information and aligns with recent indications that Meta plans to shift Reality Labs into production mode ahead of several high-profile hardware launches slated over the next couple of years.
Analysts for Bank of America opined that the cost-cutting measures would net Meta a savings of about $3 billion.
