Large-Scale Layoffs Being Planned At Meta
Meta Platforms is planning to begin large-scale layoffs this week that will affect thousands of employees, the Wall Street Journal reported on Sunday citing people familiar with the matter, with an announcement planned as early as Wednesday. When asked further upon this news via WSJ journalists, Meta declined to comment.
Mark Zuckerberg further explained the reason behind this hiring at Meta. He explained that the investments done on the metaverse project wouldn't reap fruits soon, it will take approximately a decade to show results and hence hiring freeze became the need of the hour, in order to cut costs.
"In 2023, we're going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today" Zuckerberg said on the last earnings call in late October.
The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.
Several technology companies, including Microsoft Corp, Twitter Inc and Snap Inc have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.
