Photo: Magic Leap
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.
"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.
Editor's note: This post originally said the cuts were announced on Tuesday. They were announced today, Wednesday.