UPDATE 1-Meta to cut up to 30% of Metaverse budget, Bloomberg News reports

Meta is expected to make up to 30% budget cuts for its Metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussion.

The Facebook-parent, whose shares rose more than 6% in premarket trading, did not immediately respond to a Reuters request for comment. Meta has been investing heavily in AI products and metaverse - a shared virtual environment that it bets will be the successor to the mobile internet.

The company's augmented-reality unit has burned more than $60 billion since 2020.