Meta Platforms Inc. (NASDAQ:META) is reportedly planning to cut about 10% or more jobs in its Reality Labs division, which includes the metaverse, to focus more on next-generation AI initiatives.

The Reality Labs division, which currently employs around 15,000 people is responsible for virtual reality headsets and a VR-based social network. The layoffs could be announced as early as Tuesday, according to The New York Times.

Meta did not immediately respond to Benzinga‘s request for comment.

According to the report, the company plans to shift funding from virtual reality to expand its wearables budget, including smart glasses and wrist-based devices

Meta’s chief technology officer Andrew Bosworth has called for a meeting on Wednesday, urging staff to attend in person. The purpose of the meeting has been described as the “most important” of the year, although ...