Meta Platforms Inc is preparing cutbacks to refocus on hardware and metaverse|Petar Adžaga|CC BY-SA 4.0
Meta’s Reality Labs division employees will see cutbacks as the company’s Chief Technology Officer Andrew Bosworth told staffers they cannot continue with a few projects and would have to postpone some more.
Reuters reports that the cutbacks were announced during a weekly Q&A session.
A Meta spokesperson confirmed to Reuters that the company is cutting back on Reality Labs projects to refocus on hardware products and the metaverse. The person also said that no layoffs were mentioned.
In April, Mark Zuckerberg said that Meta planned to slow down in its long-term investment areas.
(This is a Reuters’ exclusive story.)