As per the report, Pico will be implementing layoffs affecting a large number of employees as the company redirects its attention towards hardware. - Road to VR
Report: Pico to Layoff “hundreds” as Company Shifts Focus to Hardware
According to a recent report by Reuters, Pico Interactive, the China-based VR headset company owned by TikTok parent company ByteDance, is set to lay off teams focused on sales, videos, and platform operations. The company is keeping its VR hardware team but plans to fold much of its software team into ByteDance's own product development team. Pico's CEO, Zhou Hongwei, stated that the VR industry is still in its early stages and growth did not meet expectations. The exact number of job cuts is unknown, but it is expected to affect "hundreds" of employees globally. Pico has confirmed that it is restructuring the business to prioritize hardware and core technologies. For more details, visit the source article on Road to VR.
Source: https://www.roadtovr.com/report-pico-bytedance-layoffs-2023/