Meta's profits for the third quarter declined 52 percent, as compared to the period a year ago. Meta, the parent company of Facebook, Instagram and WhatsApp is planning to lay off thousands of employees this week, to scale back its workforce.The company in October said to have forecast a weak holiday quarter and significantly higher costs next year, wiping $67 billion off Meta's stock market value, adding to the loss of more than half a trillion dollars this year.
The company’s CEO, Mark Zuckerberg in June warned employees that the coming recession would lead to a reduction in engineering jobs by at least 30 percent at the social media company. Now with this announcement, Meta has joined the list of major Silicon Valley companies including Microsoft Corp, Twitter Inc, and Snap Inc who have announced job cuts recently due to rising interest rates, rising inflation, and the European energy crisis which have caused the global economy to slow down.