One more big tech company, Meta the parent company of Facebook, Instagram, and WhatsApp, plans to start mass layoffs today, part of a cost-cutting strategy in response to dismal profitability and a decline in sales, people with knowledge of the situation have claimed. Prior information was given to all employees Late in September, Chief Executive Officer (CEO) Mark Zuckerberg informed that some Meta employees will be laid off on November 9.
The job cuts at Meta are likely to affect about 10 percent of the company, the tech world is still not over the harsh Twitter layoffs that happened last week and now one more big tech company, Meta, is gearing up to begin the “biggest” layoffs this year. which employed more than 87,000 as of September 30. Meta employees are shocked and scared and hoping not to get the layoff email at the specified time. It looks like Meta will follow the same layoffs process that Elon Musk’s Twitter carried.
CEO Mark Zuckerberg said that the company will cut more than 11,000 jobs, The reductions, equal to about 13% of the workforce, were disclosed Wednesday, in the first major round of layoffs in the social media giant’s history. This reflects a sharp slowdown in digital advertising revenue.
Zuckerberg investment in a speculative virtual- reality push called metaverse. Zuckerberg has been asking investors for patience as he pours billions into his vision for the next big computing platform after mobile phones, The effort requires intensive investment in hardware and research that may not pay off for many years from now.
Meta is joining a spate of technology companies which have announced job cuts in recent weeks or said they planned to pause hiring.The Menlo Park, California-based company, which also owns Instagram and WhatsApp, implemented a hiring freeze, and the Zuckerberg said at the time that Meta expected headcount to be smaller in 2023 than it is this year.
Mark Zuckerberg said that it was different mode than we were operating in for the First 18 years of the company, they grew quickly basically every year, and then recently our revenue has been flat to slightly down for the first time. So, they have to adjust. Corporate software maker Salesforce Inc. on Tuesday said it cut hundreds of workers from sales teams, while Apple Inc., Amazon.com Inc. and Alphabet Inc. have all slowed or paused hiring. Snap Inc., parent of rival app Snapchat, is also scaling back, saying in August that it would eliminate 20% of its workforce.
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