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Meta Retracts From AR Glasses Project Shortly After Dumping Smartwatch Project

Benzinga · 06/10/2022 06:57
  • 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.