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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.