Magic Leap, the augmented-reality startup that raised more than $2 billion from high-profile investors including Alphabet and Alibaba Group, is cutting about half of its workforce as part of a major restructuring. From a report: About 1,000 employees will be affected, the people added. The company is planning to wind down its consumer business and will instead focus on its enterprise products, the people said, asking not to be identified because the matter is private. The decision to abandon its consumer ambitions represents a dramatic retreat for a company that was at one time seen as the future of at-home augmented reality. “While our leadership team, board, and investors still believe in the long-term potential of our IP, the near-term revenue opportunities are currently concentrated on the enterprise side,” Chief Executive Officer Rony Abovitz said in a statement posted on the company’s website, confirming the earlier Bloomberg News report.
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https://slashdot.org/story/20/04/22/1841230/magic-leap-which-has-raised-over-2b-lays-off-1000-employees-and-drops-consumer-business?utm_source=rss1.0mainlinkanon&utm_medium=feed