ByteDances virtual reality division announced restructuring and downsizing

Open editors summary for free FT editor-in-chief Rola Khalaf selects her favorite stories in this weekly newsletter. The virtual reality division of ByteDance, the owner of TikTok, has announced layoffs and a massive restructuring plan due to a sluggish market, according to three people familiar with the matter. Henry Zhou, president of ByteDance’s VR Pico …

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Meta lost $3.7 billion in the third quarter in its Metaphors-focused Reality Labs division

Meta lost $3.7 billion in the third quarter in its Metaphors-focused Reality Labs division

GamesBeat Next unites gaming industry leaders for exceptional content, networking and deal opportunities. Join us in San Francisco on October 23-24. Register now Meta reported a loss of $3.7 billion in the third quarter in its Metaphors-focused Reality Labs division. In its quarterly call with analysts, Meta Chief Financial Officer Susan Lee said the company …

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