Following the Twitter layoff, there’s news coming that another tech giant, Mark Zuckerberg-led Meta is reportedly planning to lay off ‘thousands’ of employees this week.
It is expected that this layoff will begin from Wednesday, according to a new report by The Wall Street Journal.
The report cited that the social media company’s first cut will affect thousands of people and will be the first time that this massive layoff will be taking place in its 18-year history.
Similar to Twitter the company, referring to Mark Zuckerberg’s statement mentioned that the company will “focus their investments on a small number of high priority growth areas.”
This news also comes after Meta’s chief product officer Chris Cox warned its employees of “serious times’ mentioning that employees must “execute flawlessly in an environment of slower growth.”
CEO Mark Zuckerberg in his third-quarter results announcements said that the company’s staff will not be increasing by the end of 2023 and instead decrease slightly.
He went on by saying that the company will focus on investments in a small number of high-priority growth areas. This will mean that teams will grow meaningful while others will stay flat or shrink by 2023.
Meta announced its third-quarter results in late October, the company mentioned that it saw its profits fall to $4.4 billion, a 52 per cent decrease year by year. Meta’s stock price too took a major hit, falling by 25 per cent in one day.
The company’s market value as of 2021 is $600 billion.
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