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Facebook parent Meta Platforms Inc. (NASDAQ:META) stopped all development work on its Portal smart displays and smartwatch project following 11,000 job cuts a few days ago, which is 13% of the company's total workforce.
What Happened: Meta has stopped working on Portal smart display devices and smartwatches, according to Reuters. Earlier this year, the company had halted marketing efforts for Portal devices, known for video-calling capabilities.
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The information was shared by CTO Andrew Bosworth, responsible for metaverse-oriented Reality Labs divisions, with employees during a town hall meeting, said the report.
See Also: How To Buy Meta (Formerly Facebook) Stock
The smartwatch unit would now work on augmented reality, or AR, glasses, with more than half of the total investment in Reality Labs going to AR.
"It was just going to take so long, and take so much investment to get into the enterprise segment, it felt like the wrong way to invest your time and money," Bosworth said, according to the report.
Why It's Important: Portal was initially sold to customers and the device enjoyed an uptick in sales during the peak pandemic period. However, Meta changed strategies in June and decided to sell Portal smart displays to businesses instead, reported Engadget.
Meta smartwatches are yet to see the light of day. Nonetheless, reports and leaks have always surrounded this highly-anticipated endeavor. Now, it is uncertain when the Mark Zuckerberg-led Meta will introduce its smartwatch development.
Meta's layoffs last week came days after Twitter owner Elon Musk announced thousands of job cuts after taking over the social media platform.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.