Meta Is Said to Plan Significant Job Cuts This Week

Three people with knowledge of the situation said that the job cuts were going to be the most significant at the company since it was founded.

The people who were not authorized to speak publicly said it was not clear how many people would be cut. It was expected that the layoffs would be done by the end of the week. At the end of September, Meta had 87, 314 employees, up 28 percent from a year ago.

Meta has been struggling with finances for a long time. Billions of dollars have been spent on the emerging technology of the metaverse by the Silicon Valley company, just as the global economy has slowed.

Digital advertising, which forms the bulk of Meta's revenue, has weakened due to advertisers pulling back. Privacy changes made by Apple have hampered the ability of many apps to target mobile ads to users.

Meta had a 50 percent slide in profits last month. The company said at the time that it would be making significant changes across the board to operate more efficiently and that it would be hiring only in its areas of highest priority.

Most of the teams will stay flat or shrink over the next year according to Mark. He said the company would be roughly the same size or smaller than it is now.

The Wall Street Journal reported that Meta would be laying off workers this week.

The times are going to get harder for months. He told employees that the company was facing one of the worst downturns in recent history and that they should prepare to do more work with less resources. His performance would be graded more intensely.

Some of you might decide that this place isn't for you, and that self-selection is okay with me. There are a lot of people at the company who shouldn't be here.

Meta is one of a number of tech companies that have laid off employees. Many of the largest firms reported financial results in recent weeks that showed they were feeling the impact of global economic jitters, even though tech companies boomed during the coronaviruses epidemic.

Musk laid off half of the company's staff on Friday. The company said last week that it would cut 13 percent of its work force. Roughly 1,100 jobs are at stake as a result of the 14 percent cut by Stripe. The companies that have announced job cuts this year are:

Tech companies aren't hiring anymore. Amazon said last week that it was pausing corporate hiring because of the economy. The company stopped hiring in its retail business for the rest of the year.