Augmented reality firm Magic Leap has laid off various employees.
As announced on its website, CEO Rony Abovitz (pictured) said that the company had to look at how it operates due to the coronavirus pandemic. As a result staff at "every level" have been laid off.
"To better prepare Magic Leap for the future, we have taken a close look at our business and are making targeted changes to how we operate and manage costs," said Abovitz.
"This has made it necessary for us to make the incredibly difficult decision to lay off a number of employees across Magic Leap. This has been a painful process, as every member of our Magic Leap team has demonstrated not only unparalleled talent but a true passion for our company's mission.
"But after lengthy, careful consideration, I have determined this is ultimately necessary to give us the best chance for future success. These changes will occur at every level of our company, from my direct reports to our factory employees."
Going forward, Abovits revealed the company would focus on areas to advance its technology. Furthermore, it will slow investments into areas that have taken longer to develop.
"We must align our efforts to focus on the areas of our business that advance our technology, ensure delivery of Magic Leap 2, and expand product-market fit and revenue generation," said Abovitz.
"This transformation also means that we must decrease investments in areas where the market has been slower to develop, providing us with a longer runway while retaining the ability to explore and build on future use cases when the market signals readiness.