Morning commute traffic streams past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, US, on Nov 9, 2022. (PETER DASILVA / REUTERS)
Meta Platforms is exiting its Portal smart display business and will wind down work on smartwatch projects, executives said on Friday during an employee townhall meeting.
Meta on Wednesday announced about 11,000 job cuts, or 13 percent of its workforce, the first mass layoffs in the company's 18-year history.
READ MORE: Meta cuts 13% workforce as it sinks more money into metaverse
Following the layoffs, Chief Executive Officer Mark Zuckerberg had addressed employees but not taken any questions.
ALSO READ: Musk blames activists for ad revenue drop, Twitter fires staff
The Facebook parent has aimed to shed costs as it refocuses on metaverse technologies and concedes to a global slowdown in advertising sales.