Mark Zuckerberg's metaverse ambitions are shrinking
. Reality Labs lost nearly $14 billion last year. It's set to lose $15 billion this year and is on track to cost the company $20 billion a year going forward. Now, the expectation is for that outlook to be slimmed down.
Shares of Meta hit their highest level in six months by Tuesday afternoon, with the stock up more than 7% by the end of day. Meta's expense outlook for 2023 has already shrunk again by $3 billion, down to a range of $86 billion to $92 billion from a previous guidance of $89 billion to $95 billion, Mark Mahaney, Evercore's senior managing director, noted on Tuesday.
"The Year of Efficiency is becoming more efficient," Mahaney said."With the new, lowered expense guidance, Meta is declaring that it can recover to growth with de minimis growth in expenses." Are you a Meta employee or someone else with insight to share? Contact Kali Hays at [email protected], on secure messaging appSign up for notifications from Insider! Stay up to date with what you want to know.
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