Facebook announced job cut of nearly 11000
Meta a parent company of Facebook announced job cut of nearly 11000 globally about 13 percent of its workforce
In September, Meta had a headcount of more than 87,000
Many tech firms in recent times started massive layoffs as the high-flying sectors responds to high inflation, increasing interest fees and fears of an approaching recession.
In October 2022 the Meta posted its second quarterly revenue decline and said that its profit was cut in half from the prior year. Once valued at more than $1 trillion last year, Meta’s market value has since plunged to around $250 billion.
Meta’s headcount in March 2020 was nearly 48,268 staffers. In pandemic Meta doubled its head count to 87,000
CEO Mark Zuckerberg wrote to employees
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” . “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go.”
Zuckerberg also said the company expects to “roll out more cost-cutting changes” in the coming months
Majority of Meta’s core ad business has been hit by
- Privacy changes carried out by Apple,
- Investors tightening financial plans
- uplifted rivalry like TikTok , Youtube Shots
- Meta has been burning billions money to construct a future form of the internet i.e metaverse
Recently many tech organizations have reported employing freezes or job cuts, after seeing raid growth and development in tech companies during the pandemic.
Last week, rideshare organization Lyft said it was chopping out 13% of staff, and payment-processing firm Stripe said it was cutting 14% of its staff and Amazon said it was stop new hiring
After Elon Musk take over the Twitter , its reported mass job cuts across the organization about half of its 7,500 employees
Meta has stressed financial backers by pouring more than $10 billion every year into the “metaverse” as it moves its focus away from facebook core business model. Zuckerberg predicts the metaverse can replace the smartphone technology
Meta and its sponsors are preparing for an expected downturn. There’s additionally the test of Apple’s security devices, which make it more hard for web-based entertainment stages like Facebook, Instagram and Snap to follow individuals without their assent and target advertisements to them.
