financetom
Business
financetom
/
Business
/
Meta to shut Workplace app to focus on AI, metaverse
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Meta to shut Workplace app to focus on AI, metaverse
May 14, 2024 11:12 AM

(Reuters) - Meta Platforms ( META ) will discontinue its work-focused Workplace app as the company shifts its focus on building artificial intelligence and metaverse technologies, the Facebook parent said on Tuesday.

Workplace will be shuttered starting June 2026 for customers but Meta will continue to use it as its internal messaging board, the company said, adding users can continue to access the product until August 2025.

"We are discontinuing Workplace (to) focus on building AI and metaverse technologies that we believe will fundamentally reshape the way we work. Over the next two years, we will provide our Workplace customers the option to transition to Zoom's Workvivo product, Meta's only preferred migration partner," a Meta spokesperson said.

The enterprise communications app, Workplace, was first introduced for businesses in 2016 with new features including multi-company groups and shared spaces that allowed employees from different organizations to work together.

The move comes as the social media giant has been investing heavily in AI products and metaverse - a shared virtual environment that it bets will be the successor to the mobile internet - stoking concerns of surging costs that could hit growth.

The company said the billing and payment arrangements will remain the same for Workplace customers until August this year.

Workplace currently offers a monthly core plan of $4 per user, which can be upgraded with add-ons starting from $2 per user each month. Unless an organization has a fixed plan, its monthly bill is calculated by the number of billable users.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
--Kilroy Realty Keeps Quarterly Dividend at $0.54 a Share, Payable July 10 to Stockholders of Record June 28
--Kilroy Realty Keeps Quarterly Dividend at $0.54 a Share, Payable July 10 to Stockholders of Record June 28
May 22, 2024
05:05 PM EDT, 05/22/2024 (MT Newswires) -- Price: 33.40, Change: -0.29, Percent Change: -0.86 ...
GlobalFoundries Launches $950 Million Secondary Public Stock Offering; Shares Fall After Hours
GlobalFoundries Launches $950 Million Secondary Public Stock Offering; Shares Fall After Hours
May 22, 2024
05:03 PM EDT, 05/22/2024 (MT Newswires) -- GlobalFoundries ( GFS ) said Wednesday it launched a $950 million secondary public offering of ordinary shares. Mubadala Technology Investment is the selling shareholder and plans to give underwriters a 30-day option to buy up to $112.5 million in additional shares, GlobalFoundries ( GFS ) said. GlobalFoundries ( GFS ) isn't selling any...
American Tower Prices Euro-Denominated Debt Offering
American Tower Prices Euro-Denominated Debt Offering
May 22, 2024
05:04 PM EDT, 05/22/2024 (MT Newswires) -- American Tower ( AMT ) said late Wednesday it priced a 1 billion-euro ($1.08 billion) public offering of two series of senior unsecured notes for about 988.4 million euros in expected net proceeds. The offering comprises 500 million euros of 3.9% notes due 2030, issued at 99.622% of face value, and 500 million...
Vaxcyte Insider Sold Shares Worth $599,909, According to a Recent SEC Filing
Vaxcyte Insider Sold Shares Worth $599,909, According to a Recent SEC Filing
May 22, 2024
05:05 PM EDT, 05/22/2024 (MT Newswires) -- Andrew Guggenhime, President and CFO, on May 20, 2024, sold 8,000 shares in Vaxcyte ( PCVX ) for $599,909. Following the Form 4 filing with the SEC, Guggenhime has control over a total of 95,679 shares of the company, with 95,679 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1649094/000141588924014108/xslF345X03/form4-05222024_090512.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved