Early investors in Meta: the company is not cutting costs fast enough

On the morning of January 20, Beijing time, it was reported that Jim Breyer, one of Facebook's earliest investors, thought that Meta was not cutting costs fast enough as the company was about to report its third consecutive quarterly decline in revenue.

"I think there will be a big rebound in the next 24 months," the Breyer Capital founder said on Thursday local time. "but in the next 12 months, they will be under a lot of pressure and in my opinion, they are not cutting costs fast enough."

Breyer said of the company's name change in 2021 and its subsequent multibillion-dollar investment in virtual reality (VR) and augmented reality (AR) technology. "it will take many years for meta-universe," he said. " Founder and CEO Mark Zuckerberg believes the social media giant needs to invest billions of dollars in VR and AR to help develop the next frontier of personal computing, although many investors have urged the company to refocus on its core online advertising business.

Breyer is optimistic that the VR industry will rebound this year, despite a contraction in overall VR sales last year.