Report: Meta To Begin Large-Scale Layoffs That Will Affect Thousands Of Its Employees
Along with other tech giants like Twitter, Meta is also facing the impacts of recession.
By Alia Kamelia — 09 Nov 2022, 11:35 AM
Meta Platforms Inc. will be reportedly seeing a significant downsizing across its companies
Mark Zuckerberg, CEO of Meta Platforms Inc., recently confirmed that the tech company will begin large-scale layoffs, according to Wall Street Journal. Meta Platforms Inc. is the parent company of Facebook, Instagram, WhatsApp, and Messenger.
In the report, it also stated that the departments that will be affected include recruiting and business teams. Employees who are fired will be provided four months severance. As of September, Meta had over 80,000 employees, which is an increase of 28% from last year, as reported by Reuters.
Recently, many tech giants have been making preparations for the recession bound to hit the US
To reduce damages from the impending inflation, a lot of tech companies have carried out layoffs to cut costs and expenses, according to Fortune. This included Meta's rival company, Twitter, that saw its CEO Elon Musk firing over half of its employees.
The New York Times reported that Meta has been suffering financially, as it saw its ad revenues plummet due to advertisers pulling from the platform. With ads as its only revenue source, Meta faced further conflict as Apple began imposing changes in its privacy policy, which impacted a lot of apps from targeting ads to users, according to Forbes.
Back in October, Mark Zuckerberg stated in a Facebook post, "Some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today."
