The sources, who requested anonymity because they were not authorized to discuss confidential decisions, indicated that the cuts would disproportionately affect employees working on virtual reality headsets and the company's VR-based social network. One source suggested the cuts could ultimately affect more than 10% of the division.
Andrew Bosworth, Meta's chief technology officer overseeing Reality Labs, scheduled a mandatory in-person meeting for Wednesday, according to 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 in the memo.
The move comes as Meta faces increasing pressure to demonstrate returns on its substantial investments in the metaverse. Reality Labs has been a significant drain on the company's finances, reporting billions of dollars in losses in recent quarters. In the most recent quarter, Reality Labs reported a loss of $3.7 billion. Investors have been scrutinizing Meta's metaverse strategy, urging the company to prioritize profitability and efficiency.
Mark Zuckerberg, Meta's chief executive, has reportedly tasked top executives with identifying areas for cost reduction and efficiency improvements across the company. The shift towards AI reflects a broader trend in the technology industry, with companies racing to develop and deploy AI technologies. Meta has been investing heavily in AI research and development, aiming to integrate AI into its various products and services.
The planned layoffs signal a recalibration of Meta's metaverse ambitions, suggesting a more measured approach to its investments in virtual reality and related technologies. The company is expected to provide further details on its AI strategy and metaverse plans in the coming weeks. The impact of these potential layoffs on Meta's stock price and investor sentiment remains to be seen.
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