ByteDance VR Unit Plans Fresh Job Cuts

What’s new: Pico, the virtual reality (VR) arm of TikTok-owner ByteDance Ltd., is planning a new round of job cuts as part of a business adjustment as market demand falls short of expectations.

Zhou Hongwei, founder and CEO of Pico, said during an internal meeting on Tuesday that the layoffs will be in the marketing, studio, video and platform operation departments as the company plans to focus more on hardware and core technologies, according to a transcript seen by Caixin. He did not specify the number of layoffs.