Following dismal profits and a decline in sales, employee fired over Facebook post, Facebook’s parent company Meta today announced that more than 11,000 staff would be let go in order to cut costs. The widespread job losses follow cutbacks at other prominent Internet companies, including Microsoft and Twitter, both of which are controlled by Elon Musk.
More than 11,000 employee fired over Facebook post, or 13 percent of Meta’s workforce, will be let go, the company’s CEO announced on Wednesday. “Today I’m revealing some of the hardest adjustments we’ve ever implemented at Meta,” In an unprecedented move, the biggest tech corporation in the world reduced its employees by 13%. One thousand one hundred workers at Meta, Facebook’s parent company, have been asked to resign. These changes, according to CEO of Meta Mark Zuckerberg’s blog post, were among the most difficult in the history of the business.
Increased e-commerce investment
According to Zuckerberg, an increase in e-commerce and the pandemic’s quick spread caused a disproportionate increase in income. Zuckerberg and Meta thought the acceleration would last forever. Making an investment really improved my choice. This didn’t work out the way I thought it would, and the company lost money.
The economy is in a downturn.
Economic growth and economic contraction are terms used to describe when the economy is doing better or worse (or “downturn”). If the economy contracts for two consecutive quarters, it is said to have entered a recession. In general, the metric used to assess this is “gross domestic product,” also referred to as “GDP.”
The CEO of Meta stated that the macroeconomic downturn caused revenues to be “far lower” than anticipated. Additionally, Meta’s upcoming quarter doesn’t appear promising given its dismal quarterly results.
It is essential to increase capital efficiency.
According to Zuckerberg’s blog, Meta had made the decision to increase its capital efficiency. “I have also made the hard decision to let employees go because these steps alone will not put our spending in line with revenue growth,” added Zuckerberg. The corporation would focus more resources on “high-priority development regions” by reducing its real estate footprint and benefits.
Escalating prices and expenses
When prices grow unevenly and some consumers’ purchasing power declines, inflation’s primary cost is the erosion of real income. Inflation may eventually have an impact on the ability of people who pay and receive fixed interest rates to make purchases.
Costs and expenses for Meta have climbed by 19% in the last year. Employee fired over Facebook post as a result of the corporation spending $22.1 billion during the third quarter, according to Meta’s costs.
A billion dollars was lost in Metaverse.
Zuckerberg and Reality Labs still have big hopes for the future, despite losing close to $9.4 billion in 2022. He stated, “We’re leading the way in establishing the next generation of social connections,” in a blog post informing employees of the layoffs.
TikTok, Apple, and more
Other issues that affected revenue included “increasing competition” and “ads signal degradation,” according to Meta’s CEO, in addition to Apple’s App Tracking Transparency. This suggests that Apple’s App Tracking Transparency has had a negative impact on Meta. Apple announced a $10 billion loss earlier this year after implementing App Tracking Transparency, a feature that lets consumers prevent apps from tracking them. TikTok’s success on social media may be the result of heightened rivalry.
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