After Twitter, Meta Inc has decided to let go of 13% of its workforce. Facebook's parent company Meta on Wednesday announced that it would be firing more than 11,000 employees, in a bid to reduce costs following disappointing earnings and a drop in revenue. "We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," Mark Zuckerberg in a blogpost said. "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said.
The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates. Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter, the report adds.CEO Mark Zuckerberg expects the "metaverse," an immersive digital universe, will someday displace smartphones as the primary way people use technology. Meta has concerned investors by pouring over $10 billion a year developing the "metaverse" as it moves its focus away from social media. According to report, the downturn in the economy and the unfavourable forecast for online advertising, by far Meta's largest source of income, have added to the company's problems. This past summer, Meta recorded its first-ever quarterly sales decrease, which was followed by a larger decline in the following season.
Newsinc24 Team





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