ByteDance’s Virtual Reality (VR) arm PICO has publicly confirmed plans to lay off 23% of its workforce, or about 300 employees, after it released an internal notice on November 7, 2023, announcing layoffs and an organizational restructuring. As part of the restructuring, PICO will retain the core hardware R&D team comprising about 500 engineers. The Mobile OS team will be separated from PICO and merged into ByteDance’s middleware platform due to which the team will be excluded from the layoff count. Meanwhile, other PICO departments such as Sales, Marketing, and Content Center are likely to face significant reductions. Consequently, the number of employees leaving PICO will likely surpass the publicly announced 23%. PICO reiterates that the layoffs and restructuring are not a sign of giving up on the XR business, but rather a necessary step to focus on core technologies for sustainable development in the sector.
In this report, we will analyze the factors influencing PICO’s decision and provide a forecast for its near-term development.
Table of Contents:
- Analysis of Factors Contributing to PICO’s Decision
- Forecast of the Near-term Development
Number of Pages: 9
Published Date: November 2023