EXCLUSIVE Facebook-owner Meta tells hardware staffers to prepare for cutbacks | Reuters

Small figurines are seen in front of displayed Meta logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/IlustrationRegister now for FREE unlimited access to Reuters.comMay 11 (Reuters) – Facebook-owner Meta Platforms Inc (FB.O) is preparing cutbacks in its Reality Labs division, a unit at the center of the company’s strategy to refocus on hardware products and the “metaverse,” a spokesperson confirmed to Reuters on Wednesday.Chief Technology Officer Andrew Bosworth told Reality Labs staffers during a weekly Q&A session on Tuesday to expect the changes to be announced within a week, according to a summary of his comments viewed by Reuters.The Meta spokesperson confirmed that Bosworth told staffers the division could not afford to do some projects anymore and would have to postpone others, without specifying which projects would be affected.Register now for FREE unlimited access to Reuters.comShe said Meta was not planning layoffs as part of the changes.The world’s biggest social media company last month told investors that it would scale back costs in 2022, following a drop in Facebook users early this year that caused the stock to plunge. read more In an earnings call in late April, Chief Executive Mark Zuckerberg said Meta planned to “slow the…
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