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Industry News

Magic Leap lays off 1,000 employees amid restructuring

Magic Leap is shrinking its workforce. The augmented-reality startup needs to seriously reduce costs, so 1,000 will be let go. That’s about half of the total headcount. This is coming from Bloomberg, which cites its own anonymous sources. Going forward, the company will focus on its enterprise clients abandoning its consumer ambitions. To that effect, Magic Leap is exploring partnership opportunities with a large health-care company.

Restructuring across Magic Leap occurs following the reports that the company may even be sold.