Meta Cuts 1,000 Reality Labs Jobs to Shift Focus to AI and Mobile

Meta Platforms, Inc. (NASDAQ:META) is among the most profitable US stocks to buy. According to Bloomberg’s Kurt Wagner report, on January 14, Meta Platforms, Inc. (NASDAQ:META) confirmed plans to cut over 1,000 jobs from the Reality Labs division. This is an attempt to reallocate resources from virtual reality and metaverse products to AI wearables and phone features.

As inferred from an internal post by Chief Technology Officer Andrew Bosworth, reviewed by Bloomberg, the job cuts are projected to affect nearly 10% of employees within the group. Meta Platforms, Inc. (NASDAQ:META) will sustain its development efforts around the metaverse, but will focus on mobile phones, while less aggressively investing in VR headsets and features, Bloomberg states.

Meta App 3D sign

Earlier on January 12, BofA Securities reaffirmed its Buy rating on Meta Platforms, Inc. (NASDAQ:META) with an unchanged price target of $810. This came after the company’s announcement of long-term partnerships with three nuclear energy companies, namely Vistra, TerraPower, and Oklo. The firm believes these collaborations act as strategic moves to combat power availability issues for data center expansion.

Meta Platforms, Inc. (NASDAQ:META) is a California-based company that develops social media applications. Dedicated to connecting people and growing businesses, the company has two segments: Family of Apps (FoA) and Reality Labs (RL).

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Disclosure: None.