Meta Platforms exiting Portal, smartwatch hardware projects - Reuters
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Meta Platforms (NASDAQ:META) is carrying through with a pivot for tougher times, telling an employee meeting that it's getting out of some noncore hardware projects.
That follows the company's first mass layoffs ever, planned cuts of about 13% of the workforce (about 11,000 workers).
The company is getting out of the Portal smart display business, executives said during a townhall meeting according to Reuters.
Meta had repositioned the video-chat-focused Portal as a business product and elected to stop making them for the consumer market this summer amid some early cost cuts.
It's also winding down work on smartwatch projects, according to the report.
While it's backing down on noncore projects, its key bets on the metaverse are full speed ahead: The company's pricey Quest Pro headset, listing for $1,500, just got an announcement a month ago, and Meta had raised the price on its more mainstream Quest 2 headset over the summer.
Steven Cress, Seeking Alpha's head of Quantitative Strategies, suggests that if its Price/Earnings Growth ratio falls mor in line with its sector, Meta (META) could see another 70% downside in 2023.