Descendants of Facebook mom
Meta is said to be planning mass layoffs
11/07/2022, 12:11 am
The tech industry in the US could face further job cuts: According to a media report, Facebook parent Meta plans to lay off thousands of employees. Most recently, the group recorded a massive drop in profits and sales.
According to a media report, Facebook parent Meta is planning mass layoffs this week. The layoffs will affect thousands of employees, the Wall Street Journal (WSJ) reports, citing people familiar with the matter. An announcement is scheduled for Wednesday. Meta reported more than 87,000 employees at the end of September. The company has not yet commented on the report.
Other tech companies such as Microsoft, Twitter and Snap have also cut jobs in the wake of the economic downturn. But Meta’s planned job cuts could be the biggest at a major tech company this year. As recently as September, the WSJ reported that Meta wants to reduce its spending by at least 10 percent in the coming months, including through downsizing.
The descent at Meta under CEO Mark Zuckerberg has recently continued. Profits fell by about half to $4.4 billion in the third quarter. This was the worst result since 2019 and the fourth consecutive decline. In addition, the online network showed the second drop in sales in a row. Revenue shrank four percent to $27.71 billion in the summer quarter.