The sources, who requested anonymity because they were not authorized to discuss confidential decisions, indicated that the cuts could affect more than 10% of the Reality Labs division. Reality Labs is responsible for Meta's metaverse initiatives, a significant investment area for the company.
Andrew Bosworth, Meta's chief technology officer overseeing Reality Labs, scheduled a meeting for Wednesday, urging staff to attend in person. In a memo obtained by The New York Times, Bosworth described the meeting as the most important of the year but did not provide further details.
Meta CEO Mark Zuckerberg has reportedly tasked top executives with identifying areas for cost reduction and efficiency improvements across the company. The shift in focus towards AI reflects a broader trend in the technology industry, with companies increasingly prioritizing investments in artificial intelligence and machine learning.
Reality Labs has been a significant area of investment for Meta, with the company spending billions of dollars on developing metaverse technologies. However, the division has yet to generate substantial revenue, leading to questions about the long-term viability of Meta's metaverse strategy. The planned layoffs suggest a recalibration of Meta's priorities, with a greater emphasis on AI development.
The impact of the layoffs on Meta's metaverse ambitions remains to be seen. While the company is reducing its investment in Reality Labs, it is still committed to developing metaverse technologies. The shift towards AI could potentially complement Meta's metaverse efforts, as AI could be used to enhance virtual reality experiences and create new applications for the metaverse.
The planned layoffs come as Meta faces increasing pressure from investors to improve profitability and streamline operations. The company's stock price has declined significantly in recent months, reflecting concerns about Meta's growth prospects and its heavy investments in the metaverse.
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