Meta’s Reality Labs division has announced plans to cut some of its projects, according to Reuters.
Meta’s CTO Andrew Bosworth reportedly told employees that the company could no longer afford some of the work it once planned and that some projects were being “postponed.”
Reality Labs is a company owned by Meta Platform, which produces VR and AR hardware and software, including VR headsets such as Quest and metaverse platforms such as Horizon Worlds.
Meta lost $10 billion on Reality Labs in 2021 and plans to hire fewer employees in 2022 than in previous years.
The decision to cut some of its projects could ultimately delay Meta’s push for metaverse which has been at the heart of most of his recent projects.
Meta will, however, be pushing ahead with Project Cambria, the “high-end” VR headset expected this fall. Meta CEO Mark Zuckerberg recently tested a new “color passthrough technology” that will allow developers to build an entirely new level of mixed reality experiences.”