Meta could begin large-scale layoffs this week
Another Big Tech business, Meta, run by Mark Zuckerberg, is apparently planning to fire 'thousands' of workers this week, following Twitter's massive layoffs. The "large-scale" job cuts, which will start on Wednesday, could have an impact on "thousands" of employees, according to a Wall Street Journal story. "The impending layoffs at the social networking business are anticipated to affect thousands of its employees. The anticipated layoffs would be the organization's first significant headcount cutbacks in its 18-year history "According to the article, sources, it was late on Sunday. Over 87,000 people are employed by the parent business of data-facebook and instagram (as of September).
In response to Zuckerberg's recent declaration that the business would "focus our investments on a small handful of high priority development areas," the corporation chose not to react. chris Cox, chief product officer at Meta, cautioned staff in june that "serious times" were upon them and urged them to "perform perfectly in an environment of slower growth." Zuckerberg stated: "In 2023, we're going to focus our efforts on a limited handful of high priority growth areas" during the company's earnings call last month.
"This indicates that while most clubs will remain stable or contract during the upcoming year, certain teams will experience considerable growth. Overall, we anticipate that by 2023, our organisation will be about the same data-size or even somewhat smaller than it is now "He had said. In Q3, Meta reported a further quarterly sales fall as investors started to lose faith in its billion-dollar, loss-making metaverse dream. The third quarter (Q3) saw a 4% year-over-year fall in Meta's sales, which came in at $27.7 billion. Due to Reality Labs, Meta's virtual reality division, suffering enormous losses in Q3 of $3.672 billion, the company experienced a decrease.
In response to Zuckerberg's recent declaration that the business would "focus our investments on a small handful of high priority development areas," the corporation chose not to react. chris Cox, chief product officer at Meta, cautioned staff in june that "serious times" were upon them and urged them to "perform perfectly in an environment of slower growth." Zuckerberg stated: "In 2023, we're going to focus our efforts on a limited handful of high priority growth areas" during the company's earnings call last month.
"This indicates that while most clubs will remain stable or contract during the upcoming year, certain teams will experience considerable growth. Overall, we anticipate that by 2023, our organisation will be about the same data-size or even somewhat smaller than it is now "He had said. In Q3, Meta reported a further quarterly sales fall as investors started to lose faith in its billion-dollar, loss-making metaverse dream. The third quarter (Q3) saw a 4% year-over-year fall in Meta's sales, which came in at $27.7 billion. Due to Reality Labs, Meta's virtual reality division, suffering enormous losses in Q3 of $3.672 billion, the company experienced a decrease.