Episode Details

• Meta's (META) Mark Zuckerberg is expected to cut resources for building the metaverse, which he once framed as the future of the company.Executives are considering potential budget cuts as high as 30% for the metaverse group next year, which could include layoffs as early as January

• Five Below (FIVE) raised its profit outlook for the third time in its fiscal year, lifted by demand for budget-friendly trendy goods as US consumer sentiment wanes amid high prices and a weaker labor market. The Philadelphia-based company now sees comparable sales rising about 9.4% to 10.1% in the fiscal year, up from roughly 5% to 7% it saw previously. Adjusted earnings per share is forecast between $5.71 and $5.89, above its previous guidance of $4.76 and $5.16.

• Kroger (KR) lowered the top end of its full-year sales forecast, suggesting that competition is intensifying among food sellers for discerning consumers. The nation’s largest supermarket operator said it now comparable sales to grow between 2.8% to 3%, minus fuel, versus the previous guidance of a 2.7% to 3.4% increase. 

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