Wall Street Sends Mark Zuckerberg a Message: Cost Cuts Will Always Beat the Metaverse

Wall Street sent

Meta Platforms

a clear message that cutting costs should be a higher priority than CEO Mark Zuckerberg’s metaverse ambitions.

A number of analysts on Wednesday raised their expectations for shares of the Instagram and Facebook parent on Wednesday—the day after Zuckerberg announced the company’s plan to cut 10,000 more jobs, in a memo titled “Update on Meta’s Year of Efficiency.” The move is on top of the 11,000 layoffs the social-media giant announced in November.