Meta Retracts From AR Glasses Project Shortly After Dumping Smartwatch Project

Meta Platforms, Inc 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 ZM and Microsoft Corp MSFT Microsoft teams.
Price Action: META shares traded higher by 0.54% at $185 in the premarket on the last check Friday.