Read

Meta

Meta is reportedly planning to cut staff in their Reality Labs division, a wing of the tech company focusing on the metaverse. This will be the company’s second round of layoffs since 2022. 
The Menlo Park-headquartered company has already notified employees about the layoffs, Reuters <a href="https://www.reuters.com/technology/meta-lay-off-employees-metaverse-silicon-unit-wednesday-2023-10-03/" target="_blank" rel="noreferrer noopener">has learned</a>, citing sources close to the matter. 
The report says the changes will affect Facebook Agile Silicon Team, a unit focused on developing custom chips for Meta’s augmented reality (AR) and virtual reality (VR) devices. 
Although it’s unclear how many workers are about to let go, Reuters notes the unit “has roughly 600 employees.” 
 You might also like: <a href="https://crypto.news/metas-zuckerberg-reveals-new-photorealistic-avatars-for-metaverse/"> Meta’s Zuckerberg reveals new photorealistic avatars for metaverse </a> 
With the layoffs, Meta wants to concentrate on “less bulky AR glasses” that look more like regular glasses, one of the sources told the media. The Facebook and Instagram parent company is said to complete the first version of these glasses in 2024, though no release date was given. 
For Meta, this is the second round of layoffs since November 2022, when the company <a href="https://www.nytimes.com/2022/11/09/technology/meta-layoffs-facebook.html" target="_blank" rel="noreferrer noopener">cut</a> approximately 11,000 jobs in an effort to save money amid high inflation and concerns around Reality Labs’ high burn rate. 
As of press time, Reality Labs has lost close to $34 billion in operating costs since its launch in Q2, 2020. 
Despite the layoffs, Meta plans to double down on the metaverse. 
As the company <a href="https://crypto.news/metas-reality-lab-posts-9-4b-in-yearly-loses-q3-financial-report-shows/" target="_blank" rel="noreferrer noopener">earlier said</a>, beyond 2023 it expects to pace Reality Labs investments such that the firm can achieve its “goal of growing overall company operating income in the long run.” 
 Read more: <a href="https://crypto.news/meta-committed-to-metaverse-despite-3-7b-q2-loss/"> </a>

Meta to trim staff in metaverse division amidst restructuring

crypto.news

Other articles published on Oct 4, 2023

Why XRP Price Could Offer a Glimpse into Shiba Memu’s Mega Meme Coin Future

2023 3rd Quarter Achievements & 4th Quarter Plans

Hints of asset recovery are made by bankrupt CeFi firm Haru Invest.

Use The Latest In Emerging Defi Trends To Give Yourself An Edge.

Coinbase vs. SEC: SEC Opposes Coinbase’s Effort to Settle Lawsuit, Calling for Continuation

Crypto user hacked, funds drained and investors rugged, account still inaccessible

Join our free newsletter for daily crypto updates!