Magic Leap said Wednesday that it is significantly reducing its staff amid a further shift toward the enterprise side of virtual and augmented reality.
Between the lines: Magic Leap has gotten tons of money and buzz, but has yet to find a significant business for its VR/AR technology.
Magic Leap confirmed the cuts in a blog post, but didn't offer a specific number on the job reductions. Bloomberg put the cuts at around 1,000 people, or about half the company's staff.
"While our leadership team, board, and investors still believe in the long-term potential of our IP, the near-term revenue opportunities are currently concentrated on the enterprise side," Magic Leap CEO Rony Abovitz said in the blog post.
Go deeper: The complicated future of augmented and virtual reality
Editor's note: This post originally said the cuts were announced on Tuesday. They were announced today, Wednesday.
