Meta, the parent company of Facebook, plans to lay off a sizable portion of its workforce starting this week. After Twitter last week, it’s the most recent tech juggernaut to fire staff members.
During the pandemic and the ensuing lockdowns, social media and tech giants experienced rapid growth.
In total, Meta hired more than 27,000 new workers in 2020 and 2021. They are observing a contraction now that normalcy is starting to return.
Several thousand employees may be impacted, according to the WSJ, which reported on November 6 citing people with knowledge of the situation. This week, Meta is anticipated to release an official statement, it added.
According to the sources, Meta staff has already been instructed to postpone any unnecessary travel. As of September, the company reportedly employed over 87,000 people.
Mark Zuckerberg stated that some teams will continue to grow during the company’s third-quarter earnings call in late October.
He did, however, disclose that the majority of the company’s teams will “stay flat or shrink over the next year.”
For Meta, the earnings report was disappointing. It revealed an agonizing 52% decline in net income, from $9.2 billion last year to $4.4 billion this year.