As per new reports, Meta is killing Portal display and its un unreleased smartwatch projects. The company recently laid off 11,000 people including many in different tech divisions. Nearly 46 percent of Meta’s 11,000 layoffs were in tech.
Meta stopped producing Portal devices back in June. Now the company is planning to kill this business. Meta also had no plans to sell the Portal hardware to other businesses.
The company has been working on two smartwatches. These products were in middle-stage development but are now being shelved. The company expected to ship these watches in spring 2023.
On Wednesday, Meta announced about 11,000 job cuts which are around 13% of its workforce. This was the first mass layoffs in Meta’s history. The company is in serious trouble. The company is the worst performer In 2022. The company has now a market cap of less than $300 billion and it closed above $1 trillion in market capitalization in June last year.
Recently Meta confirmed its plans to launch another virtual reality headset for consumers next year. This VR headset aims to deliver high-resolution mixed reality.
