Meta to Cut Metaverse Team, Redirect Funds to AR Glasses

Odaily Planet Daily News: According to the New York Times, three informed employees said that Meta Platforms (META.O) is considering layoffs in a segment of its Reality Labs division that focuses on the "metaverse" business, which could begin as early as next month, potentially affecting 10% to 30% of the team. The team is primarily responsible for VR headsets and VR-based social networks. Reality Labs consists of the metaverse division and the wearables division. According to the sources, management plans to redirect the funds saved from the layoffs toward its AR glasses project. Meta launched AR glasses in collaboration with Ray-Ban in 2021, and their sales have already exceeded internal company targets. Informed sources said that Meta is re-evaluating its metaverse-related investments, and within the metaverse division, executives are considering significant cuts to VR-related positions.