Meta has announced a halt in some of its projects, on account of rising costs. The projects include development of the dual camera smartwatch, production of the Portal smart display device as a consumer product, and launch of the AR glasses.
The changes in these business procedures would also impact the progress of the development of Meta’s retail stores that it is building to expand its tech products.
Meta’s economy was also disrupted after Apple announced its new ATT updates, leading to around $10 billion in lost ad dollars in 2022. Meta further lost $10 billion as a result of its Reality Labs division operation in 2021.
While Meta is pressurized by the broader economic changes, the tech giant is not cutting off its hardware development entirely and is still working on other projects, including shipment of its wrist wearables and AR glasses, and a new partnership with game creation platform Crayta.