This article first appeared on GuruFocus.
Meta Platforms (META) plans to cut a few hundred jobs across the company, including within its Reality Labs unit, according to a report on late Wednesday.
Shares of META dipped 1.2% on early Thursday trading.
The reductions will affect staff in the social media division, recruiting operations and sales teams, the report said. Reality Labs, which develops virtual reality hardware, has posted more than $80 billion in operating losses since 2021.
A spokesperson said teams regularly restructure to align with goals and that the company tries to find other roles for affected employees when possible.
The job cuts come as Meta invests heavily in artificial intelligence infrastructure to compete with Google (NASDAQ:GOOG), Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT).
