There were reports that were correct.
About 13 percent of Meta's workforce is being laid off. The hiring freeze will be extended throughout the next quarter as the company cuts discretionary spending.
The decision was one of the most difficult in Meta's history, according to a post on the company's website.
I want to make sure that we are held accountable for how we got here. He wrote that he was sorry to those who had been impacted.
The post blames his reaction to the COVID epidemic for the growth of revenue.
Many people predicted that this would continue after the Pandemic. I decided to increase our investment. He wrote that this didn't play out as he expected. The economic downturn, increased competition, and ads signal loss have caused our revenue to be lower than anticipated.
After a drop in revenue and a sharp drop in stock price, the decision was made.
The metaverse was not given up on. "We've shifted more of our resources onto a smaller number of high priority growth areas, like our artificial intelligence discovery engine, our ads and business platforms, and our long term vision for the metaverse," he wrote in the note announcing the layoffs.
The amount of access to sensitive information was one of the reasons why the employees were fired. They will get 16 weeks of severance pay, two additional weeks for ever year of service, paid remainingPTO time, and healthcare for six months, among other support measures.
In the weeks ahead, the company will give more information on how it plans to continue.
All Rights Reserved © 2024
