Meta backs off AR glasses as unit looks to cut costs - report
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Meta Platforms (NASDAQ:META) is scaling back its plan for augmented reality glasses, dropping a hard push for an upcoming release to instead focus on a future version, The Information reports.
That comes amid a wider shakeup at Meta's Reality Labs unit as the company continues looking for cost cuts in the wake of a slowdown in revenue growth.
Meta has put "Project Nazare" (the first version of its AR glasses) on ice, according to the report, instead electing to make it a demonstration product - and that means the focus shifts to "Artemis," what was going to be a version 2.
With Nazare expected to launch in 2024, the news means Meta likely won't have a new AR glasses product on the market for a few years.
Meanwhile, the company will reposition its Portal video-chat smart-home devices as a business product, and will stop making them for consumers, according to the report.
And amid the rack of changes, Meta paused developing a dual-camera smartwatch, looking to focus on other wearables.
Meta stock is down 4.8% to a two-week low.
A product roadmap reported in April pointed the way toward a hard push for Meta's new AR glasses - what CEO Mark Zuckerberg wanted to be "an iPhone moment."