Meta prepares a series of cuts for the activities of Reality Labs, the division of the company that owns Facebook and Instagram, which follows the hardware projects and other initiatives related to the metaverse. Despite the desire to focus on the development of solutions related to the metaverse, in fact, the company seems willing to initiate a series of cuts to contain costs. Here are all the details:
Meta would be ready to cut some Reality Labs projects to contain expenses for the metaverse
The news was confirmed by Reuters. Meta seems to have started the procedures to close some Reality Labs projects, probably with the aim of optimizing costs as much as possible. According to initial reports, Meta’s CTO, Andrew Bosworth, has anticipated employees wanting to cut some projects while others will be postponed. The details are expected to be revealed to employees over the next few days.
Meta has to contend with considerable losses related to Reality Labs. In fact, in 2021 alone the company recorded losses of $ 10 billion. Furthermore, for 2022, the cost containment policy should result in a reduction in the number of expected hires. Many ongoing projects have not yet yielded results. The metaverse, at the moment, does not appear to be as fruitful as previously assumed. It will be necessary to wait a few weeks to be able to count on more details about the possible cuts coming to the projects planned for the metaverse.