Meta will reduce the part of the division that works on devices for the metaverse
The division lost $10.2 billion in 2021 and $3 billion in 2022
According to Reuters, the company has warned of layoffs in the division that works on the company’s devices.
This is a division of Reality Labs. At the next meeting with the staff, CTO Andrew Bosworth said that he would officially announce this within a week. Meta representatives explained that the company can no longer afford to deal with some projects, others will have to be postponed indefinitely. About what projects exactly, he did not specify.
The Reality Labs division was created in 2020. It develops Oculus AR/VR devices, Portal smart video call screens, and technologies for the metaverse. In 2021, the company hired more than 13 thousand employees in the division, in 2022 – about 6 thousand more. The division lost $10.2 billion in 2021 and $3 billion in 2022.