Meta Layoffs: More than a thousand employees furloughed in Meta again, many Metaverse projects closed
New Delhi. Mark Zuckerberg’s company Meta Platforms has once again given a big shock to its employees. This time the retrenchment has fallen on the company’s ‘Reality Labs’ division, which works on future projects like Virtual Reality (VR) and Metaverse.
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Zuckerberg’s disillusionment with the metaverse
As Bloomberg reports, Meta is changing its priorities. Meta founder Mark Zuckerberg’s company is now stepping back from big bets in the Metaverse and focusing its entire attention on Artificial Intelligence (AI) and smart wearables (like smart glasses). For this reason, more than 1000 roles have been eliminated.
Three gaming studios locked
As part of this restructuring process, Meta has decided to completely close its three in-house Virtual Reality (VR) gaming studios. These include Armature, Sanzaru and Twisted Pixel. These studios used to create great games and content for the Quest platform. However, Meta has retained five other studios, indicating that the company is not abandoning VR gaming entirely, but will now only focus on select and profitable projects.
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Even experience could not save the job
These days, LinkedIn is flooded with posts from former Meta employees. The thing to note is that no criteria of experience was kept in this retrenchment. Those laid off include those employees who had joined Meta for only a year, as well as those who had been loyally associated with the company for the last 8-10 years.
Why did this layoff happen?
The biggest reason for this is economic loss. Reality Labs division has been proving to be a huge loss-making deal for Meta for quite some time now. Looking at the recent quarterly results, the unit earned revenue of only $470 million, compared to a huge loss of $4.4 billion. If reports are to be believed, the company is shifting its investments from metaverse to wearables. This layoff is part of the same effort, so that the money saved here can be invested in the development of AI and new technologies.
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