Meta Platforms (META.O) announced over 1,000 job cuts at its RealityLabs division as part of a strategy to shift resources from virtual reality (VR) and metaverse products to artificial intelligence (AI) wearables and smartphone features. According to an internal memo from Chief Technology Officer Andrew Bosworth, employees will begin receiving layoff notices Tuesday morning. Previous reports from foreign media indicated that the layoffs will affect approximately 10% of Reality Labs' roughly 15,000 employees. A Meta spokesperson stated, "We mentioned last month that we would be shifting some investments from metaverse to wearables. This layoff is part of that strategy, and we plan to reinvest the saved resources to support the growth of our wearables business this year." (Jinshi)