In November 2022, the world’s largest social networking company already laid off 11,000 people, or 13% of its staff.
Meta Platforms Inc. plans to lay off around 10,000 employees and close about 5,000 additional open roles in its second major round of job cuts in the past six months.
Bloomberg previously reported that cuts were coming. The world’s largest social networking company in November alreadyThe Facebook parent company lowered its outlook for 2023 expenses to $86 billion to $92 billion, accounting for the job reductions and other cost-cutting measures. Meta began its flattening process earlier this year, eliminating some middle managers and asking others to return to individual contributor roles instead of overseeing other employees.
Zuckerberg has shifted Meta’s focus and investment in the past year to virtual reality technology and the so-called metaverse, which he envisions as the next major computing platform. The company will invest in tools, such as those in artificial intelligence, to help engineers write code faster, to make it “most effective over many years, not just this year.”
Meta’s $3 billion operating-expense reduction for 2023 “is likely aimed at aligning expenses to top-line growth,” write Bloomberg Intelligence’s Mandeep Singh and Damian Reimertz. “We believe a major focus of this second round of layoffs will be in R&D.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook parent Meta to retrench 10 000 more employeesFacebook’s parent company Meta has announced a second round of job cuts, looking to reduce its workforce by 10 000. MarkZuckerberg Jobcuts
Read more »
Blackouts cost MTN R695m in 2022SA could become a failed state unless it deals with the crisis, CEO Ralph Mupita warns
Read more »
South Africans are making their way back to resorts and casinosSun International sees strong growth, as urban casinos grew by 41% in 2022.
Read more »
Blackouts cost MTN R695m in 2022SA could become a failed state unless it deals with the crisis, CEO Ralph Mupita warns
Read more »
Porsche sets long-term margin goal of 20%Deliveries rose 2.6% to nearly 310,000 cars in 2022, a new record for the German carmaker
Read more »