Facebook parent Meta winding down some non-core hardware projects

Morning commute traffic streams past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilva/File Photois exiting its Portal smart display business and will wind down work on smartwatch projects, executives said on Friday during an employee townhall meeting.

Meta on Wednesday announced about 11,000 job cuts, or 13% of its workforce, the first mass layoffs in the company's 18-year history. Following the layoffs, Chief Executive Officer Mark Zuckerberg had addressed employees but not taken any questions. The Facebook parent has aimed to shed costs as it refocuses on metaverse technologies and concedes to a global slowdown in advertising sales.

Reporting by Paresh Dave in Oakland, California, Katie Paul in Palo Alto, California, Chavi Mehta in Bengaluru;

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Facebook Parent Meta Cuts 11,000 Jobs, 13% of WorkforceFacebook parent Meta is laying off 11,000 people, about 13% of its workforce. What do you think the mass layoff at Facebook parent company Meta means for Silicon Valley? Let us know, and we may feature your response in our 7 p.m. newscast. It's probably about saving 💰💵💸 / Bad timing 4 layoffs Uhmmm not good!
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