‘Meta’ Preparing For Mass Layoffs

(CTN News) – The Wall Journal reported on Sunday that Meta will start mass layoffs this week. This will result in a reduction of its workforce by several thousand employees.

According to the Journal, an announcement might come as early as Wednesday, according to unidentified sources familiar with the company’s plans, who spoke on condition of anonymity.

The layoffs may be one of the largest rounds of job cuts in a recent series of job cuts in the tech industry, according to the Wall Street Journal, which reports this is the first large-scale workforce reduction in the company’s 18-year history.

Facebook was reportedly planning to slash its costs by at least 10% by the end of the year, according to reports in September.

Approximately 87,000 people are employed by the social networking giant at the moment.

The CEO of Meta, Mark Zuckerberg, hinted during the company’s third-quarter earnings call that job cuts might be in the offing.

In 2023, Zuckerberg said that the company would focus its investments on only a few high priority growth areas in order to achieve profitable growth. In other words, over the next year, some teams will be able to grow significantly, but most other teams will remain flat or shrink in size

As a whole, we anticipate that by the end of 2023 we will be roughly the same size, or even a slightly smaller organization. This is compared to what we are today, he explained.

Since the beginning of the year, Meta’s stock has lost 73% of its value.

It is clear that companies, Meta which earn money through the sale of advertisements, are looking to rein in spending. This is after the rapid growth that occurred during the recent tech epidemic.

There have been other tech companies that have laid off employees as well. In the past week, Twitter announced layoffs that may have affected as much as half of the company’s 3,700 employees.

In August, Snap, which is the parent company of the disappearing-message app Snapchat, announced that it would be laying off around 20% of its employees.

Facebook did not respond to our request for comment.

What is exactly Meta?

Meta (from the Greek μετά, meta, meaning “after” or “beyond”) is a prefix meaning “more comprehensive” or “transcending”.

SEE ALSO:

In 2024, Samsung Expects Apple’s First Foldable Device To Debut