Meta, formerly Facebook, is reportedly planning mass layoffs amidst falling revenues.
According to a new report from The Wall Street Journal, the company is planning mass layoffs as early as today (November 9) as revenues decline on its platforms Facebook, Instagram, Messenger, and WhatsApp.
The WSJ suggests that the company, headed by Mark Zuckerberg, could lay off thousands of workers in the coming days. The company has more than 87,000 employees around the world and could make a significant cut to these as it looks to streamline the brand.
Earlier in the year, Zuckerberg spoke to Meta employees about the company’s future and confirmed it was facing one of the “worst downturns” in recent history. Back in July, this statement made many employees concerned that layoffs were just around the corner.
In September, the company paused hiring “indefinitely” to reduce costs.
Although the company’s revenue was down 4% in the third quarter of 2022, it still generated an eye-watering $27.71 billion. However, this disappointed shareholders, and as a result, shares are down more than 20% from last week.
Other technology companies are also looking to reduce staffing levels. Twitter, for example, has seen a mass exodus of employees following Elon Musk’s takeover, and Apple is also reportedly pausing hiring for the foreseeable future.
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