Improved processing of an oxygenate-containing feedstock for increased production or yield of light olefins. Such processing involves oxygenate conversion to olefins and subsequent cracking of heavier olefins wherein at least a portion of the products from each of the reactors is elevated in pressure, using a common compressor, prior to being routed to a common product fractionation and recovery section. In one particular embodiment, the cracked product gas can be treated to remove acid gas therefrom. In another embodiment, the olefin cracking reactor is a moving bed reactor.