Magic Leap to lay off hundreds of employees as it pivots its business model

Magic Leap is reducing its workforce by nearly 200 employees. This decision follows a major internal shift at the Plantation-based technology firm as it moves away from the production of augmented reality headsets.

The cuts include positions at the senior level of the organization. This action aligns with the company's recent announcement that it will abandon its previous business model centered on hardware manufacturing.

This reduction of staff marks a turning point for the South Florida company as it pivots toward a new direction. The move impacts various departments across the firm, signaling a significant contraction in its operational footprint.

Further information regarding the specific areas of the business affected by these changes remains limited. The company is currently transitioning its focus, leaving many to wonder about the future of its remaining assets and long-term strategy.