After Twitter now Meta starts huge layoffs!
Recently, Twitter has come to the fore with serious layoffs. Now meta will also start layoffs on its own platform
According to The Wall Street Journal, Meta, the parent company of Facebook, may announce significant layoffs as early as next week. According to the publication, the company intends to lay off "many thousands" of workers and will make an announcement on Wednesday.
After Twitter now Meta starts huge layoffs!
Following Twitter, major layoffs will now occur within the Meta. Similar to Twitter, serious layoffs may occur for reasons such as cutting costs and making changes in the company's stance. Over 87,000 people are employed by Meta at the moment. This could be the largest layoff of a tech company's workforce this year. A representative said "We will concentrate our investments in 2023 on a select few high-priority growth areas" As a result, he stated, "that means some teams will grow meaningfully, but the majority of other teams will stay the same or shrink over the next year." "We anticipate finishing 2023 with an organization that is either roughly the same size or even slightly smaller than it is now."
The Journal notes that Meta reported its first ever decline in revenue in July. Mark Zuckerberg's bid on the Metaverse, on the other hand, has so far failed to provide the company with any new revenue opportunities and has been extremely costly. Meta has spent $15 billion since the beginning of 2021 in an unsuccessful attempt to mainstream virtual and augmented reality.In 2023, the company anticipates a further loss on the project.
