https://www.reuters.com/technology/facebook-parent-meta-winding-down-some-non-core-hardware-projects-2022-11-11/

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1 minute readNovember 11, 20227:44 PM UTCLast Updated ago

Facebook parent Meta winding down some non-core hardware projects

Reuters
Headquarters of Facebook parent company Meta Platforms Inc in
Mountain View
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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Nov 11 (Reuters) - Meta Platforms (META.O) 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 parent has aimed to shed costs as it refocuses on
metaverse technologies and concedes to a global slowdown in
advertising sales.

Reporting by Paresh Dave in Oakland, California, Katie Paul in Palo
Alto, California, Chavi Mehta in Bengaluru;

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