Just Earth News | @justearthnews | 06 Nov 2022, 08:46 pm Print
Wikipedia Commons
California: Social media giant Facebook's parent company Meta Platforms Inc is planning to begin large-scale layoffs this week, media reports said on Monday.
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, people familiar with the matter told The Wall Street Journal.
Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
This planned layoff, if executed, will be the first broad head-count reductions to occur in the company’s 18-year history.
A spokesman for Meta declined to comment, referring to Chief Executive Mark Zuckerberg’s recent statement that the company would “focus our investments on a small number of high priority growth areas.”
“So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” he said on the company’s third-quarter earnings call on Oct. 26 as quoted by The Wall Street Journal. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
- PwC to fire 1800 jobs in first major layoffs announced in 15 years
- New ILO report shows global youth unemployment rate dropped to 15-year low in 2023
- American aircraft manufacturer Boeing to plead guilty to criminal charge
- As AI transforms the world, more universities teach the technology
- Global foreign investment declines for second year as geopolitical tensions rise, UN trade body reports