Tencent scraps plans to venture into VR hardware, Reuters reports

Tencent is scrapping plans to venture into virtual reality, VR, hardware as the current economic outlook prompts the company to cut costs and headcount at its metaverse unit, Josh Ye of Reuters reports, citing three people familiar with the matter. The company had plans to build both virtual reality software and hardware at an "extended reality" XR unit it launched last year. The unit had come up with a concept for a ring-like hand-held game controller, but difficulties in achieving quick profitability and the large investment needed to produce a competitive product factored into the company’s shift away from that strategy, two sources added. Reference Link