Meta Is Reportedly Scrapping Several Reality Labs Projects

The company is no longer able to afford some of its previously planned efforts.

Tech
5,479 Hypes 1 Comments

Facebook-owner Meta is reportedly cutting several projects from its Reality Labs division, which houses the company’s hardware and metaverse initiatives, according to Reuters.

It is currently unknown which projects will be scrapped, though Meta CTO Andrew Bosworth reportedly told Reality Lab staffers that various efforts will be “postponed,” as the company is no longer able to financially support its previous plans. A spokesperson confirmed that Meta was not planning layoffs.

The announcement marks the latest hit to Meta’s trailblazing plans to pivot into the metaverse, following the company’s $10 billion USD loss on Reality Labs in 2021.

In April, the social media giant informed investors that it was planning on scaling back costs this year, after Facebook experienced a drop in users that caused its stock to dip, according to the outlet. In an earnings call last month, CEO Mark Zuckerberg announced that the company had decided to “slow the pace” on several longer-term investments, specifically within areas including artificial intelligence, its business infrastructure and Reality Labs.

However, Meta is still working on Project Cambria, its luxe VR headset that is expected to arrive this fall. On Instagram this week, Zuckerberg teased the device’s “color passthrough technology,” which he says will “enable developers to build a whole new level of mixed reality experiences.”

In more tech news, Apple is reportedly replacing lightning ports with USB-C on new iPhone models.

Read Full Article

What to Read Next

Meta Is Reportedly Releasing Its Own AR Glasses by 2024
Tech

Meta Is Reportedly Releasing Its Own AR Glasses by 2024

Previously having launched smart glasses with Ray-Ban.

Meta Lost $10 Billion USD Building the Metaverse in 2021
Tech 

Meta Lost $10 Billion USD Building the Metaverse in 2021

While its net income was $39 billion USD.

Meta's Reality Labs Is Working on a Haptic Glove That Will Let You Feel Objects in the Metaverse
Tech

Meta's Reality Labs Is Working on a Haptic Glove That Will Let You Feel Objects in the Metaverse

Video shows researchers moving objects, shaking hands and bumping fists in virtual reality.


A 'Ghostbusters' Virtual Reality Game Is Coming to Meta Quest 2
Gaming

A 'Ghostbusters' Virtual Reality Game Is Coming to Meta Quest 2

Featuring an extensive campaign that can be played solo or with up to three friends.

My Chemical Romance Drops New Song "The Foundations of Decay"
Music

My Chemical Romance Drops New Song "The Foundations of Decay"

The band’s first official track release since they split up in 2013.

Tinker Hatfield's Nike Zoom Court Dragon Gets Decorated With Playful Swooshes
Footwear

Tinker Hatfield's Nike Zoom Court Dragon Gets Decorated With Playful Swooshes

Colorful accents, snakeskin scales and smiley faces arrive on the shoes.

Two Decades Later, Nintendo’s ‘Kirby 64’ Is Relaunching on the Switch
Gaming

Two Decades Later, Nintendo’s ‘Kirby 64’ Is Relaunching on the Switch

The 15th Nintendo 64 game to be adapted for the Switch.

Snoop Dogg and Dr. Dre Tease Spike Lee Collaboration
Music

Snoop Dogg and Dr. Dre Tease Spike Lee Collaboration

“We up2somethin,” Snoop wrote on Instagram.

Nike Reveals a Dunk High "World Champions" Colorway
Footwear

Nike Reveals a Dunk High "World Champions" Colorway

The kicks come packaged with championship belt-shaped dubraes.


Apple Analyst Predicts a Cheaper Apple TV Will Arrive Later This Year
Tech

Apple Analyst Predicts a Cheaper Apple TV Will Arrive Later This Year

Noting that a cheaper model would “help close the gap with its competitors.”

Devin Troy Strother Presents "Durag Activities"
Art

Devin Troy Strother Presents "Durag Activities"

A new solo exhibition at Over the Influence Bangkok.

Jaeger-LeCoultre Polaris Date Gets Gradient Green Dial
Watches

Jaeger-LeCoultre Polaris Date Gets Gradient Green Dial

The boutique exclusive features a combination of dial finishes.

KidSuper Debuts an Eclectic Spring/Summer 2022 Lookbook
Fashion

KidSuper Debuts an Eclectic Spring/Summer 2022 Lookbook

Dubbed the “What Do You Want To Do Before You Die?” collection.

Kyrie Iriving's Contract With Nike Could Be Coming to an End
Footwear

Kyrie Iriving's Contract With Nike Could Be Coming to an End

Which brand would you want Uncle Drew to sign with?

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.