Benzinga·2026-01-13 08:06Group 1 - Meta Platforms Inc. plans to cut about 10% or more jobs in its Reality Labs division, which currently employs around 15,000 people, to focus on next-generation AI initiatives [1] - The layoffs could be announced as early as Tuesday, according to The New York Times [1] - The company intends to shift funding from virtual reality to expand its wearables budget, including smart glasses and wrist-based devices [2] Group 2 - Meta's layoffs come amid increasing competition from companies like OpenAI, Google, and Microsoft [3] - In April, Meta previously laid off an unspecified number of employees from its Reality Labs division, primarily affecting the Oculus Studios unit [3] - Meta executives are considering up to 30% budget cuts in 2026 for the metaverse division, despite CEO Mark Zuckerberg's previous emphasis on the metaverse's importance to the company's future [4] Group 3 - In October, Meta announced it would cut about 600 jobs from its AI division as part of a restructuring aimed at improving operations [5] - Meta's Chief AI Officer Alexandr Wang, who joined after the company's $14.3 billion investment in Scale AI, communicated the restructuring through an internal memo [5] - Over the past year, Meta stock climbed 5.53%, but it fell 1.70% to close at $641.97 on Monday [6]