Meta isn't in the same position now as it was in late 2022. While the stock has pulled back from its all-time high last July, it's only down 14% from the peak, and the business is still delivering strong growth as the sector is in the midst of an AI boom.

Technology giant Meta Platforms META has been betting aggressively on the growth of artificial intelligence in recent years. This has come at the expense of eliminating jobs in the company's metaverse segment and spending less time on the areas that CEO ...

Meta plans to cut its budget by up to 30% in its Reality Labs metaverse division. It's considering job cuts as part of that move, leaving employees uncertain. The cuts may impact Horizon Worlds and follow a recent executive strategy meeting in Hawaii.

Meta's biggest swing at creating a social network for VR looked like it was dying a quick death in June. Horizon Worlds, a platform that Meta said would be deemphasized for VR in favor of mobile earlier this year, was going to disappear from VR on June 15.

Meta will lay off around 8,000 employees, or 10% of its workforce, and close 6,000 open roles as it shifts resources toward artificial intelligence. The move follows years of heavy investment in AI, including plans for up to $135 billion in spending in ...

Shares of Facebook parent Meta dropped more than 4% on Friday, showing rare vulnerability for the powerhouse stock after a pair of landmark court rulings, and on the heels of the decline of its much-hyped metaverse and another delay of its AI model.

Meta‘s metaverse ambitions are hitting a crossroads. In a move that marks a dramatic shift in strategy, the tech giant is shutting down the VR version of Horizon Worlds on Quest. Once hailed as the future of digital interaction, Meta’s flagship VR ...

When Facebook changed its name to Meta a few years ago, the idea was that the VR metaverse would become a huge pillar for the company. I think we can safely say that's not going to happen. On its community forums, Meta confirmed that Horizon Worlds, the ...

A once-booming market for virtual real estate left early believers holding assets with little demand. Five years ago, tech angel investor Chris Adamo and a few friends jumped on a burgeoning trend in the digital asset world: they used a virtual real estate broker to buy 23 parcels of property in a metaverse called The Sandbox.

But with news that Meta’s metaverse will soon stop operating, how might this intersection develop to deliver on its early promise? The Drum asked its members for their thoughts on the shape of things to come for phygital,