Facebook-parent company Meta Platforms Inc. (META) is reportedly planning to cut over 1,000 jobs from its Reality Labs division.
According to reports, the move is part of Meta's plan to redirect resources from virtual reality and metaverse products toward AI wearables and phone features.
Affected employees will be notified of the layoffs starting Tuesday morning, according to an internal post from Chief Technology Officer Andrew Bosworth that was reviewed by Bloomberg News.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.