Facebook’s Parent Company Meta To Lay Off Thousands Of Employees This Coming Week
Silicon Valley, 7th November 2022: According to a Wall Street General report, Facebook’s parent company Meta may lay off employees this week. According to the report, on Wednesday (November 9), the company will start laying off thousands of its employees. the company had already asked employees to cancel non-essential travel this week. However, no official statement has been given by Meta on this entire issue.
As of the September quarter, there were a total of more than 87,000 people working on Meta’s different platforms.
In the third quarter of 2022, the company’s profit has come down to $ 4.4 billion. Compared to last year, this time the company’s profit has declined by 52 percent in the September quarter. The shares of the company are also seeing a decline. The company’s market cap has also come down to $600 billion.
In October 2022, Zuckerberg said in a statement, “In 2023, the focus of our investments will be on fast-growing areas. In such a situation, people can see an increase in some teams. At the same time, most of the teams will either stay flat or there will be layoffs.”
Some time ago Meta shareholder Altimeter Capital Management wrote an open letter to Mark Zuckerberg saying that the company should cut expenses by laying off employees. It was said in this letter that Meta is losing the trust of its investors.
Meta is not the only company in terms of layoffs. Companies like Twitter, Microsoft and Snap Inc. are also laying off people. All this is happening due to reasons like rising inflation, energy crisis in Europe.
