- Meta Platforms, Inc (NASDAQ:META) is scaling back its plans to release a series of augmented reality glasses over the next several years, the Information reports.
- The move marks its second product suspension for the week as it battled the current revenue slowdown.
- Meta aimed to trim heavy investments in its Reality Labs hardware and AR/VR division by retracting.
- Also Read: Facebook Parent Meta Pauses Dual Camera Smartwatch Project
- Meta retreated from commercializing the first version of the AR glasses, codenamed Project Nazare.
- The glasses will likely become a demonstration product.
- Meta now looks to prioritize the second version of the glasses, internally codenamed Artemis.
- Meta now looked to pivot its Portal smart display device away from the consumer market, the TechCrunch reports.
- Meta focused on showcasing the product as a business device rather than a consumer one.
- Meta no longer looked to launch "consumer-oriented" Portal devices.
- The Portal struggled to gain a remarkable amount of traction in the smart display market since its launch in 2018.
- Therefore, Meta's plan to market the Portal as a business product aligns with its recent efforts to promote the device as a tool for hybrid work.
- Meta's two newest Portal devices are compatible with Zoom Video Communications, Inc (NASDAQ:ZM) and Microsoft Corp (NASDAQ:MSFT) Microsoft teams.
- Price Action: META shares traded higher by 0.54% at $185 in the premarket on the last check Friday.
