Unlucky for some: Meta chops 13% of global workforce
Meta is making more than of 11,000 employees redundant following the dramatic decline in profits and the subsequent share price dive at the end of last month.after being shared with the workforce, company chief Mark Zuckerberg said the layoffs were the"most difficult change we’ve made in Meta's history."I've decided to reduce the size of our team by about 13 percent and let more than 11,000 of our talented employees go.
Although it was barely mentioned in the missive, there is also the issue of Meta's metaverse division, which its latest quarterly earnings report revealed has lost $9.4 billion this year already. The buck for the job cuts stops with Zuck, he said in his blog post this morning – who else he thought it might have stopped with isn't clear."At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments.
Meta needs to spend less cash, or become more"capital efficient", as the CEO put it. More resources are being shifted to a"smaller number of high priority growth areas", including the AI discovery engine, ads and biz platforms, and"our long term vision for the metaverse."
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