TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Meta sacks 11,000 staff in one of biggest tech layoffs

News • 10th Nov 2022 • 2 Min Read

Meta sacks 11,000 staff in one of biggest tech layoffs

Employee RelationsEmployee Engagement#Layoffs

Author: People Matters Editorial Team People Matters Editorial Team
8.9K Reads
The move — the first and drastic one — in Facebook parent’s 18-year history came amid its struggle to contain soaring costs from its push into the metaverse amid a weak advertising market

With the economy wobbling on the brink of recession, Meta Platforms Inc announced its plans to lay off 11,000 jobs, or 13% of its workforce, in one of the year’s biggest layoffs.

Meta had 87,314 employees as of the end of September.

The move--- the first and drastic one---in Facebook parent’s 18-year history came amid its struggle to contain soaring costs from its push into the metaverse amid a weak advertising market.

With this, Meta has joined several other major tech companies that went for thousands of job cuts. These firms include Elon Musk-owned Twitter and Microsoft Corp.

CEO Mark Zuckerberg termed the layoffs “some of the most difficult changes we’ve made in Meta’s history.” He noted that all employees will soon get an email “letting you know what this layoff means for you.”

The pandemic-led bubble that boosted tech giants and their valuations have turned into a bust this year due to decades-high inflation and rapidly rising interest rates.

“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” Chief Executive Officer Mark Zuckerberg said in a message to employees.

He owned up for the loss and said, “I got this wrong, and I take responsibility for that.”

The company also extended its hiring freeze through the first quarter. 

A struggling Meta’s stock has plunged 71% this year and it is taking steps to cut costs following several quarters of disappointing earnings and a drop in revenue. 

The firings, the company's most drastic since the founding of Facebook in 2004, reflect a sharp slowdown in the digital advertising market, and Zuckerberg's multibillion-dollar investment in a speculative virtual-reality push called the metaverse.

Shares rose about 3.5% in premarket trading on Wednesday before markets opened in New York.

Experts in Wall Street expressed concern over Zuckerberg’s metaverse investment terming it “super-sized and terrifying”.

Meta, which will pay 16 weeks of base pay and two additional weeks for every year of service, as well as all remaining paid time off as part of the severance package, did not disclose the exact charge for the layoffs.

Sacked employees will also receive their shares and healthcare coverage for six months, according to Meta.

Read More

Did you find this article helpful?


You Might Also Like

The end of non-compete for low and mid-income

NEWS • 25th Mar 2025 • 3 Min Read

The end of non-compete for low and mid-income

Employee Relations#EmploymentLaw
Remote employees less likely to see pay hikes

NEWS • 17th Dec 2024 • 2 Min Read

Remote employees less likely to see pay hikes

Compensation & BenefitsEmployee Relations#HRTech#HRCommunity
Amazon orders staff back to office

NEWS • 17th Sep 2024 • 3 Min Read

Amazon orders staff back to office

LeadershipEmployee Relations#HRTech#RemoteWork#HRCommunity
NEXT STORY: Who is Australia’s new domestic violence commissioner?

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    From copy-paste to creative spark: mastering generative AI i...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.