Facebook parent Meta prepares for large-scale layoffs this week


Facebook parent Meta is preparing for a massive layoff this week that is expected to affect thousands of its employees.

In the latest round of tech job cuts after the company’s rapid growth during the pandemic, Meta Platforms Inc is planning to begin major layoffs this week, according to people who familiar with this matter, reported The Wall Street Journal (WSJ).

Thousands of workers are expected to be laid off and an announcement is planned for Wednesday, according to people familiar with the matter.

Meta reported that it had 87,000 employees at the end of September. Company officials have told workers to cancel the walkout starting this week, the people said.

Also Read :  Signalis on Game Pass makes excellent use of a simple safe code puzzle

The planned layoffs are the largest headcount reduction to take place in the company’s 18-year history. The number of Meta employees expected to lose their jobs is the largest to date at a major technology company in a year that has seen layoffs, it has been reported. by WSJ.

The Wall Street Journal reported in September that Meta plans to cut expenses by at least 10 percent in the coming months, in part through layoffs.

The cuts are expected to be announced this week after several months of staff reductions aimed at keeping employees safe or aware of their jobs.

“Honestly, there may be a group of businesses that shouldn’t be here,” Mark Zuckerberg told employees at a companywide meeting in late June. Meta, like many other technologies, has gone through a pandemic as life and business move online.

Also Read :  Twitter Blue signups no longer available after a wave of fake accounts

It added more than 27,000 workers in 2020 and 2021 combined and added 15,344 in the first nine months of this year–about a quarter of that in the last quarter. A spokesperson for Meta declined to comment, referring to CEO Mark Zuckerberg’s recent statement that the company will “focus our investments on a small number of high-growth areas. “

READ ALSO: Apple iPhone production has been reduced in China

“So some teams are going to grow a lot, but most other teams are going to be flat or not going down next year,” he said in a third-quarter earnings call. meeting on October 26.

Also Read :  Deepbrain AI Named as CES 2023 Innovation Awards Honoree

“In summary, we expect to end 2023 as the same size or a smaller company than we are today,” he said. Meta’s stock has fallen more than 70 percent this year.

The company showed a decline in macroeconomic trends, but investors were also worried by its spending and threats to the business’s important environmental business, reports WSJ.

Growth for that company in many markets has come amid stiff competition from TikTok, and Apple Inc. allowing users to choose how to view their devices has reduced the ability of social media technologies to target ads.


Leave a Reply

Your email address will not be published.

Related Articles

Back to top button