SAN FRANCISCO: With plans to fire thousands of employees this week. Facebook parent company Meta will join a growing list of internet companies that are cutting back on staff. According to US media reports on Sunday. According to the Wall Street Journal, which cited people with knowledge of the situation. A statement regarding the layoffs was anticipated as soon as Wednesday.
On its various platforms, which include the social media sites Facebook and Instagram. As well as the messaging service Whatsapp, Meta has roughly 87,000 employees as of September 30.
The CEO of Meta, Mark Zuckerberg, stated in his report of the company’s poor third-quarter results. That the number of employees will not expand by the end of 2023 and might perhaps somewhat drop.
The most recent Meta ambitions follow recent announcements by other tech businesses that they will stop employing new employees. Or shrink their existing workforce as the industry faces economic challenges. Companies in Silicon Valley, Stripe and Lyft, announced big layoffs on Thursday, and Amazon halted hiring at its corporate headquarters.
After Elon Musk recently acquired the business, about half of Twitter’s 7,500 employees were abruptly let go last week. Platforms that rely on advertising, like Facebook and Alphabet’s Google. They are experiencing a decrease in advertising spending as a result of inflation and rising interest rates.
In the third quarter, Meta’s profits dropped to $4.4 billion, a 52% year-over-year decline. The poor results significantly lowered Meta’s stock price, which dropped 25% in one day. The company’s market value has dropped to $600 billion during the last year.
Investors have been concerned about Zuckerberg’s choice to commit large amounts to establish the metaverse in addition to its ad-supported business difficulties.
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