Meta Reduces Reality Labs Workforce by 10% in Significant Restructuring Effort
The Futurum Group CEO Daniel Newman discusses Meta’s purchase of Manus as well as Nvidia’s acquisition of Groq on ‘Varney & Co.’
Meta Inc. is making significant changes by cutting 10% of its workforce, which translates to over 1,000 jobs, from its Reality Labs division. This decision marks a strategic shift in the company’s investment focus, moving away from metaverse products.
A spokesperson for Meta explained, “We said last month that we were shifting some of our investment from Metaverse toward Wearables,” emphasizing that this job reduction is part of that broader strategy. The spokesperson further stated, “We plan to reinvest the savings to support the growth of wearables this year.”
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Employees affected by this decision will be informed on Tuesday, according to an internal message from Chief Technology Officer Andrew Bosworth, which was reviewed by Bloomberg News.
Signage outside Meta headquarters in Menlo Park, Calif., April 20, 2023. (David Paul Morris/Bloomberg via Getty Images)
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The Reality Labs division encompasses Meta’s hardware initiatives and other innovative products, including VR headsets, AI glasses, and virtual world technologies. However, this division has faced significant challenges, racking up over $70 billion in losses since 2021. In the third fiscal quarter alone, Reality Labs reported an operating loss of $4.4 billion.
Meta’s AI glasses debut went wrong when live demos malfunctioned onstage, leaving Zuckerberg fumbling with the technology before a global audience. (Getty Images)
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In a related development, Meta is reportedly in discussions with EssilorLuxottica SA, a Franco-Italian multinational eyewear and eye care company, to potentially double the production capacity for AI-powered smart glasses by the end of this year, according to sources familiar with the situation.
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Oakley and Meta unveiled the new Oakley Meta HSTN AI-powered glasses. (Courtesy of Meta)
The Futurum Group CEO Daniel Newman discusses Meta’s purchase of Manus as well as Nvidia’s acquisition of Groq on ‘Varney & Co.’
Meta Inc. is making significant changes by cutting 10% of its workforce, which translates to over 1,000 jobs, from its Reality Labs division. This decision marks a strategic shift in the company’s investment focus, moving away from metaverse products.
A spokesperson for Meta explained, “We said last month that we were shifting some of our investment from Metaverse toward Wearables,” emphasizing that this job reduction is part of that broader strategy. The spokesperson further stated, “We plan to reinvest the savings to support the growth of wearables this year.”
META’S MASSIVE NUCLEAR POWER DEALS WILL HELP US ‘WIN’ AI RACE AGAINST CHINA, EXECUTIVE SAYS
Employees affected by this decision will be informed on Tuesday, according to an internal message from Chief Technology Officer Andrew Bosworth, which was reviewed by Bloomberg News.
Signage outside Meta headquarters in Menlo Park, Calif., April 20, 2023. (David Paul Morris/Bloomberg via Getty Images)
META SUED AFTER TEEN BOYS’ SUICIDES, FAMILIES CLAIM TECH GIANT IGNORED ‘SEXTORTION’ SCHEMES
The Reality Labs division encompasses Meta’s hardware initiatives and other innovative products, including VR headsets, AI glasses, and virtual world technologies. However, this division has faced significant challenges, racking up over $70 billion in losses since 2021. In the third fiscal quarter alone, Reality Labs reported an operating loss of $4.4 billion.
Meta’s AI glasses debut went wrong when live demos malfunctioned onstage, leaving Zuckerberg fumbling with the technology before a global audience. (Getty Images)
DATA CENTERS RAPIDLY TRANSFORMING SMALL-TOWN AMERICA
In a related development, Meta is reportedly in discussions with EssilorLuxottica SA, a Franco-Italian multinational eyewear and eye care company, to potentially double the production capacity for AI-powered smart glasses by the end of this year, according to sources familiar with the situation.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Oakley and Meta unveiled the new Oakley Meta HSTN AI-powered glasses. (Courtesy of Meta)
