Summary:
- Meta, the parent company of Facebook, has announced major layoffs, cutting over 11,000 jobs. This is a significant restructuring for the company.
- The layoffs are partly due to Meta's heavy investments in the development of virtual reality (VR) and augmented reality (AR) technologies, which have not yet generated significant revenue.
- The article suggests that the layoffs and the company's struggles in the XR (extended reality) space may have broader implications for the future of the VR and AR industries.