Mark Zuckerberg's Meta is planning to lay off several employees from its various operations, according to a new report. While the exact number of people to be fired is still unclear, the layoffs are expected to begin as early as this week.
This is said to be the biggest round of layoffs the company has ever witnessed since its founding in 2004, said a report by New York Times. Before October, Meta had 87,314 employees. Any reduction in the workforce will lead to several losing their jobs.
Most recently, Meta announced a weak revenue outlook for the December holiday quarter, saying that it would incur significant losses in Metaverse investments next year. The disclosure led to a steep fall in share price. However, CEO Mark Zuckerberg asked investors to believe in the brand and claimed that Meta will eventually reward those that stick with the company.
The layoffs are likely to bring down some financial woes for the company. This will be another blow for the company when already Apple’s new feature isn’t allowing Meta to offer targeted ads to iPhones and other devices in the Apple ecosystem.
Meta currently owns some of the biggest platforms in the world including WhatsApp, Instagram, and Facebook.
The news of the layoff by Meta came just days after Twitter laid off thousands of its employees across the globe. The company sacked over 80 per cent of its employees in India.