Meta may announce job cuts today: WhatsApp, Facebook and Instagram may see layoffs – Times of India
“The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment,” the report said.
The job cuts that are expected to run into thousands are first in Meta’s (earlier Facebook) 18-year history. The Facebook and Instagram parent company reported over 87,000 employees (as of September).
Warning signs have been there
In June, Meta’s chief product officer Chris Cox warned employees of “serious times”, saying that the workers must “execute flawlessly in an environment of slower growth”. During the company’s earnings call last month, Zuckerberg said: “In 2023, we’re going to 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. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today,” he had mentioned.
Meta posted another quarterly revenue decline in Q3. The company’s revenue declined 4 percent year over year to hit $27.7 billion. The company’s huge losses in its virtual reality division, Reality Labs, cost the company $3.672 billion in Q3.
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