'It used to be that I was so confused about entering the virtual world, it ended up like this.'
Meta Platform Inc plans to restructure the company after laying off half of its 11,000 workforce last week.
Speaking at a townhall meeting over the weekend, Meta executives confirmed that the company will stop developing smart displays and smartwatches and reorganize some of their units.
According to him, the voice and video calling unit will be combined with other messaging teams while the company will establish a new department focused on solving engineering problems, Family Foundations.
Touching on the company's first mass layoffs, nearly 54% of the workforce being thrown out was from the business unit and the rest from the technology unit that included high and low performing individuals.
Also in focus during the meeting was the company's announcement that there are no further disposal plans but that expenses will be reduced in most units and products.
In the meantime, Chief Technology Officer Andrew Bosworth, who is responsible for managing the metaverse unit Reality Labs, confirmed the postponement of the company's smart device development.
He said there would be a 'big change' since the current economic situation is seen as not allowing it.
Even Bosworth also explained that the device that was developed was made at the wrong time and did not want investors to spend money on this plan that took too long.
Among the discontinued devices were Portal, which was used for calling and smartwatches that could be used in the metaverse.
On the other side, Mark Zuckerberg was once again seen apologizing for the layoff of 13% of the company's workforce and admitting his failure to predict Meta's earnings.
As of this writing, Meta shares are trading up 1.03% at $113.02 with a market capitalization of $299.68 billion.
