Meta lays off employees working on virtual reality in Reality Labs division

1. Meta laid off employees in its Reality Labs division focused on AR and VR. 2. The layoffs affect Oculus Studios, which develops VR content for Quest headsets. 3. Reality Labs faced a $4.97 billion operating loss with $1.1 billion in sales. 4. Meta aims for efficiency improvements despite the impact on skilled team members. 5. Earnings report is expected on Wednesday, raising investor concerns.