ByteDance’s virtual reality headset maker Pico is conducting a round of lay-offs expected to affect hundreds of employees, according to two people familiar with the matter, hitting a subsidiary once seen as an avenue to future growth outside short video apps TikTok and Douyin, reports the South China Morning Post.
The job cuts could affect a substantial portion of Pico, with some teams trimmed by as much as 30%, one of the people said. Some higher-level positions are affected, the other person said without going into specifics.
Most former employees will be compensated based on the number of years they have served plus one month’s salary, the first person said.