Meta plans to cut investment in its Metaverse team and redirect funds to its VR glasses business.
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according to The New York Times, three informed employees stated that Meta Platforms (META.O) is considering layoffs in a branch of its Reality Labs division engaged in the "metaverse" business, which could start as early as next month, involving 10% to 30% of the team. This team is mainly responsible for VR headsets and VR-based social networks.
Reality Labs is composed of the metaverse division and the wearable devices division. Sources said management expects to redirect the funds saved from layoffs to the AR glasses project. Meta launched AR glasses in cooperation with Ray-Ban in 2021, and their sales have exceeded the company's internal targets.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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