Meta is laying off thousands of its employees

Meta is laying off thousands of its employees


Tuesday – 14 Rabi’ al-Thani 1444 AH – 08 November 2022 AD Issue no. [
16051]


Press reports indicated that “Meta” is in the process of laying off thousands of employees as profits fall (AFP).

San Francisco: “The Middle East”

The Wall Street Journal reported that Meta Group; The parent company of social networking sites Facebook and Instagram intends to lay off thousands of workers starting this week, following the lead of several tech companies amid the economic crisis.
Meta employs around 87,000 people worldwide, according to figures from 30 September. While announcing the latest disappointing quarterly results recently, group chairman Mark Zuckerberg indicated that the number of employees in the company should not increase by the end of 2023, but should even decrease slightly.
According to the newspaper’s sources, it is expected that this will be announced on Wednesday and that thousands of employees will be affected, in the first such move in the history of the social media giant.
And last Thursday, two groups in Silicon Valley, “Strip” and “Lyft”, announced layoffs of a large number of their employees, while the “Amazon” group froze hiring… As soon as Elon Musk, president of Tesla and the richest man in the world, bought the Twitter platform. » Even fired about half of its 7,500 employees.
Online platforms whose economic model is based on advertising are particularly suffering from advertisers cutting back on their spending; Against the backdrop of global inflation and rising interest rates.
Net income for Meta Group fell to $4.4 billion in the third quarter of the year (down about 52 percent year-over-year).
Zuckerberg noted in late October that “we are facing a volatile macro economy, increased competition, lost advertising and increased costs for our long-term investments,” stressing that “our product outlook looks, from what I see, better than some Comments indicate.” However, the group’s share fell the following day by 24.56% on the Wall Street Stock Exchange.


Economy

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