said the layoffs come as part of the company’s “year of efficiency” – a plan to cut costs as Meta struggles to monetize its ambitious virtual reality venture, the metaverse.
The company reported a peak of 87,000 employees globally in 2022, after a hiring spree that escalated after the Covid pandemic sent online activity booming. In recent months, however, Meta’s operations have struggled , with investors wiping $80bn off the company’s market value in October after a poor earnings report.
In November, the company laid off 11,000 workers. Combined with today’s cut, Meta is on track to cut about 21,000 jobs and has implemented a hiring freeze for most new roles. While these cuts target technical workers, Zuckerberg said in late May additional layoffs would affect business groups.. “People will be more productive, and their work will be more fun and fulfilling. We will become an even greater magnet for the most talented people.
The Meta Universe is shrinking 😂
So we see once again how the private sector treats a loyal workforce. Oh Yes many will scream at me, so let's go. A company as big as Meta should be responsible for rehoming internal and finding comparable with other companies.