Meta will announce layoffs for thousands of employees this week

[Gandalf_The_Grey]

Content source

https://www.neowin.net/news/meta-will-announce-layoffs-for-thousands-of-employees-this-week/

For the past few days, Twitter has been causing a lot of waves for its haphazard way of laying off roughly 50% of its workforce. The company has been sued for initiating layoffs without giving enough notice and has been criticized by some political leaders too. The situation has worsened to the point that the social media company is now asking some former employees to return.

Now, it seems like Meta is ready to announce layoffs this week too, with the move impacting thousands of employees.

Although the scale in terms of percentages won't be the same as Twitter, the Wall Street Journal (WSJ) reports that Meta will cut headcount by thousands out of its current workforce of roughly 90,000 employees globally. This will be the biggest layoff round in the firm's history and is also expected to be the biggest in terms of headcount reduction when it comes to big tech firms within the past year.

Meta has declined to comment on the report, but it won't be entirely surprising if it is indeed true. In September, we learned that Meta is aggressively restructuring its organization, with layoffs expected to begin soon.

Meta will announce layoffs for thousands of employees this week

According to a recent report, Meta will announce layoffs this week. The move will impact thousands of employees and will be the biggest headcount reduction among big tech companies this year.

www.neowin.net

 

[Pixel_]

It's Like Meta and Twitter are competing.

 

[forgottenuser79643]

I fear in Meta's case, this time, it may be automation. Introduction of a decently successful VR branch, data is worth more than people like to admit, not a lot of competitors in many of their Facebook integrated/adjacent services and so on...

 

[Stopspying]

I fear in Meta's case, this time, it may be automation. Introduction of a decently successful VR branch, data is worth more than people like to admit, not a lot of competitors in many of their Facebook integrated/adjacent services and so on...

This was my first thought on reading this. I wonder how many people who have been working on Ai/automation software have put themselves out of a job? I've got no real idea on this, if you're good at this you'll probably be retained to work in other unemployment creating AI projects.

 

[Pixel_]

Meta CEO Mark Zuckerberg confirmed to executives that the company will begin laying off employees on Wednesday morning, the Wall Street Journal reported on Tuesday.

Mark Zuckerberg confirms broad layoffs to begin at Meta – report

Parent company of Facebook, WhatsApp and Instagram is among others in the tech industry to suffer a severe slowdown

www.theguardian.com

 

[Gandalf_The_Grey]

Meta announces mass layoff of more than 11,000 employees worldwide

Today, Mark Zuckerberg announced that Meta will be firing more than 11,000 employees, which is about 13% of its total strength. He added that Meta is taking a number of additional steps to become a "leaner and more efficient" company. Meta will also be cutting discretionary spending and extending hiring freeze through Q1.

Meta announces mass layoff of more than 11,000 employees worldwide

Meta has announced that it will be laying off more than 11,000 of its employees. The mass layoffs are part of the company's transition to become a leaner and more efficient company.

www.neowin.net

 

[Stopspying]

Meta announces mass layoff of more than 11,000 employees worldwide

Meta announces mass layoff of more than 11,000 employees worldwide

Meta has announced that it will be laying off more than 11,000 of its employees. The mass layoffs are part of the company's transition to become a leaner and more efficient company.

www.neowin.net

In this linked report a connection is also made to certain steps taken by Apple as being a contributing factor for this as well - "The reference to “signal loss” is thought to relate to Zuckerberg’s long-running dispute with Apple, which in 2021 limited the amount of data, or “signals”, Facebook could gather about the behaviour of iPhone users. That loss, Zuckerberg has regularly said, made it harder for small businesses to use Facebook adverts to profitably acquire new customers..."

Facebook owner Meta to sack 11,000 workers after revenue collapse

Mark Zuckerberg says firm overinvested at start of Covid, adding ‘I got this wrong’

www.theguardian.com

 

[plat]

Shedding the equivalent of a small city, right?

Meta lays off 11,000 workers; Zuckerberg says his investments didn’t pay off

Zuck: Meta hired too many people, expansion "did not play out the way I expected."

arstechnica.com

Zuckerberg said his previous decision to increase spending didn't pay off as he thought it would and that Meta's "revenue outlook is lower than we expected at the beginning of this year."

"...Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that."

Meta had 87,314 employees as of September 30, 2022, an increase of 28 percent over the previous 12 months.