On November 7th at 10 am, PICO, the VR business of ByteDance, held a company-wide meeting to officially announce its organizational restructuring plan, confirming the ongoing rumors of layoffs.
Currently, PICO has entered the stage of employee layoffs. It is reported that the HR department has started discussions with affected employees regarding compensation, with the compensation package being N+1 for regular employees. This round of layoffs is expected to affect a wide range of employees, potentially involving thousands of individuals.
During the company-wide meeting, PICO CEO Zhou Hongwei acknowledged that although they have made some adjustments this year, they were not timely or effective enough. In the past, their estimates of industry and market development were more optimistic than the actual pace of progress.
In terms of personnel adjustments, teams related to market sales and services, Studios, video, and platform business will be significantly reduced. PICO’s total workforce peaked at over 2,000 employees, but they have already undergone a 20%-30% reduction in staff within this year. After this round of layoffs, the employee count is expected to be at a few hundred.
Zhou Hongwei stated at today’s meeting that the company has “patience and a long-term perspective” for its XR business. Going forward, PICO will retain its core team and maintain normal operations, with a focus on long-term exploration and breakthroughs in hardware and core technology.
SEE ALSO: Ericsson’s Guangzhou R&D Team Undergoes Layoffs
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