Despite these challenges, Meta continues to innovate in the mixed reality space, recently announcing new versions of its smart glasses and consumer-oriented Quest headset. However, the layoffs are part of Meta's broader efforts to address concerns about declining revenue growth and optimize its operations. The company has already cut around 21,000 jobs since November 2022 as part of cost-cutting measures to reassure investors.
Key takeaways:
- Meta, the parent company of Facebook, is reportedly planning to lay off employees in its Reality Labs division, specifically the Facebook Agile Silicon Team (FAST) which develops custom chips for Meta’s devices.
- The decision comes as Meta faces challenges in producing chips that can compete with external providers, leading the company to turn to chipmaker Qualcomm.
- Despite setbacks, Meta continues to innovate in the mixed reality space, developing new versions of its smart glasses and consumer-oriented Quest headset, along with advanced AR glasses and smart watches.
- The layoffs are part of Meta’s broader efforts to address concerns about waning revenue growth and optimize its operations, with the company having already cut around 21,000 jobs since November 2022.