Meta Could Begin Large-scale Layoffs

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Last Updated on November 7, 2022 by Bitfinsider

According to a report from the Wall Street Journal, Facebook’s parent company Meta could begin mass layoffs as soon as Wednesday.

According to the article, thousands of employees are expected to be affected by the layoffs, which would be the first significant fall in personnel in Meta’s history. The corporation announced that it had more than 87,000 employees at the end of September.

A spokesman for Meta declined to comment and directed Bitfinsider to Zuckerberg’s remarks on the company’s most recent earnings call.

Zuckerberg stated at the time, “In 2023, we will concentrate our spending on a small handful of high priority growth areas.” This suggests that some clubs will experience significant growth over the coming year, while the majority of teams will either remain stable or decline. We anticipate that by the end of 2023, our organization will be around the same size or even slightly smaller than it is today.”

Meta shares have fallen 73% this year, reaching their lowest level since early 2016, and the social media behemoth is currently the poorest performer among the S&P 500 in 2022.

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