- Meta announced Wednesday that it will lay off more 11,000 employees or 13% of its workforce.
- Recent months saw it implement a hiring freeze, stricter performance metrics, and begin a reorganization.
- Meta is just one of many tech companies that are embarking on massive layoffs.
Meta stated Wednesday that it intends to lay off over 11,000 employees (or 13%) of its workforce.
Employees had been expecting such a move for several months, according to Insider. Some vice presidents were also directors. Told TuesdaySpecific plans for layoffs were not disclosed. This internal expectation was reinforced by the 10% company-wide cut expected to occur during a reorganization. Insider reported. The Wall Street Journal reportedOn Sunday, layoffs would be made on Wednesday.
According to Meta’s third quarter earnings report, it had 87,314 employees at September 30, 2022. According to the report, this represented a 28% increase year-over-year.
Meta has never taken such an action before. Last year, it rebranded under the name Facebook. In recent months, Mark Zuckerberg, the founder and CEO of Facebook, has repeatedly hinted that a downsizing was on the horizon. In April, he said to investors during a quarterly earnings conference that Facebook would be losing more people.Better company.” A few days later, the company issued a Large-scale hiring freeze. Within two months, every employee in the company was directed to work with “After all, it’s only a business.”Increased intensity“should they wish to retain their jobs A new focus is placed on performanceRelated worker reviews.
Already, ReorganizationThere had been an internal restructuring at the company, which led to certain divisons being cut and managers being asked to leave the company. Workers were told to give 200% even as they were To be ready for layoffsIt could affect 10% to 20% staff.
Meta shedMore than 70% of its market capitalization since Zuckerberg AnnouncementFacebook changed its name to Meta in 2021. risky pivot towards the metaverse — a world where people connect in a digital universe using virtual- and augmented-reality devices. Meta shares were up 3% in October PlummetedAfter reporting disappointing third-quarter earnings, 24% were reported the next day.
Zuckerberg admitted that Reality Labs would suffer losses, despite his double down. to lose even more moneyOver the next year. Reality Labs has already lost $9 billion this year, with nearly $4 billion in just the third quarter. Over the entire 2021, the division has lost $10 billion. On Tuesday, the stock closed at its lowest point since 2015.
Meta is One of the many companies to initiate large-scale layoffs in recent months. Snap was launched earlier this year. AnnouncementAfter aggressively recruiting during the pandemic, it was now laying off 20% of their workers. This was in spite of the fact that the advertising market continued to slow as a result of fears of recession and Russia’s ongoing impact on Ukraine. Elon Musk last week Twitter can be cut in half, Unceremoniously laid offSo many people are affected by job cuts that they now affect Asking colleaguesYou can return to the company by staying put.
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