Meta Reportedly Plans Massive Layoffs
Facebook parent Meta Platforms Inc. is planning to begin large-scale layoffs this week, mostly starting Wednesday, the Wall Street Journal reported citing people familiar with the matter.
The layoffs are likely to impact many thousands of employees, and the social media platform is preparing to notify employees of the job cuts, the report said. Employees already have been informed to cancel nonessential travel starting this week.
Meta reportedly said in September that it was planning to cut expenses by at least 10 percent in the coming months, in part through staff reductions.
At the end of September, Meta reported to have more than 87,000 employees.
Meta Chief Executive Mark Zuckerberg during the company’s third-quarter earnings call on October 26 said, “In 2023, we’re going to focus our investments on a small number of high priority growth areas. That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.”
He then added that in aggregate, the company expects to end 2023 as either roughly the same size, or even a slightly smaller organization than it is today.
Many major tech firms recently announced job cuts or hiring freeze amid the slowing growth, including Walmart, Google, Tesla, Snap and Flipboard.
Last week, Twitter cut about half of staff following the social media platform’s acquisition by Elon Musk.
Microsoft recently announced layoffs across multiple divisions, impacting fewer than 1,000 people, Axios reported citing a source.
Chipmaker Intel Corp. was planning thousands of job cuts amid a slowdown in the personal computer market, Bloomberg reported.
Source: Read Full Article