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HomeMarketFacebook parent Meta winding down some non-core hardware projects By Reuters

Facebook parent Meta winding down some non-core hardware projects By Reuters

© Reuters. FILE PHOTO: Morning commute traffic streams past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilva/File Photo
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(Reuters) -Meta Platforms is exiting its Portal smart display business and will wind down work on smartwatch projects, executives said on Friday during an employee townhall meeting.

Meta on Wednesday announced about 11,000 job cuts, or 13% of its workforce, the first mass layoffs in the company’s 18-year history. Following the layoffs, Chief Executive Officer Mark Zuckerberg had addressed employees but not taken any questions.

The Facebook (NASDAQ:) parent has aimed to shed costs as it refocuses on metaverse technologies and concedes to a global slowdown in advertising sales.

Story Credit: investing.com

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