The cuts are anticipated to disproportionately impact employees working on virtual reality headsets and the company's VR-based social network. The announcement could come as early as Tuesday, according to the sources, who requested anonymity because they were not authorized to discuss confidential decisions. Reality Labs is overseen by Meta's Chief Technology Officer Andrew Bosworth, who has scheduled an in-person meeting for Wednesday, described in a memo to employees as the "most important of the year," though the memo did not elaborate on the meeting's purpose. The New York Times obtained a copy of the memo.
The planned reduction in force represents a small fraction of Meta's total workforce of 78,000. However, it signals a strategic realignment within the company, reflecting a broader trend in the technology sector where companies are increasingly prioritizing AI development amid growing investor interest and rapid advancements in the field. Meta CEO Mark Zuckerberg has reportedly asked top executives to prioritize AI initiatives.
Reality Labs has been a significant area of investment for Meta, with substantial resources allocated to developing the metaverse and related technologies. However, the division has yet to generate significant revenue, and the company's overall financial performance has faced scrutiny amid economic uncertainty and increased competition. The company's most recent earnings reports have shown substantial losses in the Reality Labs division, raising questions about the long-term viability of its metaverse strategy.
The planned layoffs suggest a recalibration of Meta's metaverse ambitions, potentially slowing down development timelines or narrowing the scope of projects within Reality Labs. The company's future direction will likely be further clarified during Bosworth's meeting on Wednesday, as employees await further details on the restructuring and its implications for the division's future.
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