Wednesday, November 9, 2022 12:00PMMeta's expected large-scale layoffs this week may not be all bad news for the Bay Area, according to a tech expert. Here's why.Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in aThe move comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.
An economic slowdown and a grim outlook for online advertising - by far Meta's biggest revenue source - have contributed to Meta's woes. This summer, Meta posted its first quarterly revenue decline in history, followed by another, bigger decline in the fall.Some of the pain is company-specific, while some is tied to broader economic and technological forces.
Meta has worried investors by pouring over $10 billion a year into the "metaverse" as it shifts its focus away from social media. CEO Mark Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.
Almost equal to Twitter 3,700. META = Make Everyone Totally Angry.
tech jobs not it
elonmusk an they called you Barbaric 🤣😖🤦♂️
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »
Source: ABC7Chicago - 🏆 284. / 63 Read more »
Source: TucsonStar - 🏆 339. / 59 Read more »
Source: FOX26Houston - 🏆 448. / 53 Read more »