Their expenses are up significantly, there is no cutting back up to this point. A few FAANGs gave lip service to being more frugal, but their earnings releases and operating costs show they were anything but.

Part of the reason Meta is crashing is because they are being even more aggressive/spending more on metaverse next year than they previously stated.

19% growth in costs while having -4% revenue over the year ago quarter.

https://investor.fb.com/investor-news/press-release-details/...