6.6 C
Mönchengladbach
Tuesday, January 28, 2025
Advertise with us
MetaverseFinally, Meta Aims Massive Layoffs After Zuck’s Metaverse Plans Fail

Finally, Meta Aims Massive Layoffs After Zuck’s Metaverse Plans Fail

Meta Platforms is planning to begin layoffs that will affect thousands of workers from this week

Meta Platforms Inc., the parent company of Facebook, is planning to impose its first significant mass layoff later this week which may affect many thousands of employees, according to the Wall Street Journal (WSJ). The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, according to the report.

Meta reported more than 87,000 employees at the end of September. Company executives already told employees to cancel nonessential travel beginning this week, the people said. The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history.

Meta shares rose as much as 3.5 percent during premarket trading in New York on Monday. The stock has declined about 73 percent for the year through Friday, when it closed at US$90.79 a share.

Chief Executive Officer Mark Zuckerberg September outlined plans to reorganize teams and reduce headcount for the first time, following a sharp slowdown in growth at the parent of Facebook and Instagram. Zuckerberg said then that Meta will likely be smaller in 2023 than it was this year.

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 organization than we are today,” he had mentioned.

Meta posted another quarterly revenue decline in Q3 as investors began to lose faith in its loss-making, billion-dollars metaverse dream.

In the third quarter (Q3), Meta’s revenue declined 4 percent year over year to hit US$27.7 billion. This decline was owing to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in Q3.

Meta investors have called on the company to reduce its workforce by at least 20 percent and stop making investments in the metaverse.

Meta’s shareholder Altimeter Capital Management had previously said in an open letter to Zuckerberg that the company needed to streamline by cutting jobs and capital expenditure. It said Meta had lost investor confidence as it ramped up spending and pivoted to the metaverse.Amid a tightening ad market, Meta has also said it expects to lose US$10bn in ad revenue in 2022 as a result of privacy changes by Apple which allow its users to opt out of the company being able to track users across apps.

The potential job cuts come just days after Twitter slashed nearly half of its workforce following the takeover of the company by the billionaire Elon Musk.

Reviews

Related Articles

POPULAR

The romantic relationship between Ronaldo’s son and Luis Suarez’s daughter was revealed

"Delfina Suarez", the daughter of "Luis Suarez" revealed her romantic relationship by publishing a story with a heart from "Cris Ronaldo Jr.", the son...

Were Jennifer Lawrence nude photos real?

Are Jennifer Lawrence nude photos true?The question that you may ask yourself is whether the images that were published years ago are trueThe answer...

UK Entry requirements

Entry requirements This page reflects the UK government’s understanding of current rules for people travelling on a full ‘British Citizen’ passport, for the most common...

LATEST POSTS

Salman Khan reaches Mumbai to celebrate his 58th birthday

Salman Khan is celebrating his 58th birthday. He returned to Mumbai to spend his special day with family and close people. It's a big day...

McDonald’s opening hours on Christmas Day and Boxing Day in Cambridgeshire

Although McDonald's is not the first thing that comes to mind for most people on Christmas Day, some might be wondering if they can still pop...

MORE

YOU MAY LIKE

metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

Putin, the emperor with no clothes

Has Vladimir Putin gone mad? How else could the Russian President have so recklessly placed the world on the precipice of the unthinkable, with what outside the Kremlin is seen as an unjustified and...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

India, wearing hijab bars some Muslim students from class

Muslim girls wearing hijab are being barred from attending classes at some schools in the southern Indian state of Karnataka, triggering weeks of protests by students When the students were barred last month from entering...
Jennifer Lawrence thinks Pete Davidson is one of the ‘biggest celebrities’

Jennifer Lawrence thinks Pete Davidson is one of the ‘biggest celebrities’

Jennifer Lawrence says she’d be “starstruck” by none other than Casanova Pete Davidson. The Oscar-winning actress told W magazine in a cover story published Monday that she thinks the former “Saturday Night Live” star is one of...
As an Instagram boyfriend, ‘I feel Pete Davidson’s pain’metaverse app,

As an Instagram boyfriend, ‘I feel Pete Davidson’s pain’

Dating a glamorous influencer means loving a beautiful woman, but being an Instagram husband or boyfriend isn’t easy. Just ask Pete Davidson. The 28-year-old “Saturday Night Live” star has been cavorting with 41-year-old Kim Kardashian since...

The Legend of Sleepy Hollow by Washington Irving

A pleasing land of drowsy head it was, Of dreams that wave before the half-shut eye; And of...
Web3 Inventions

Top 5 Web3 Inventions

Everyone is talking about Web3 these days, indeed Web3 has become one of the most popular tech issues. Therefore, decided to write the perfect content about Web3 Inventions and other related issues. 1. Blockchain Technologies The...

Escape catastrophe; SPIEGEL’s shoulder-to-shoulder account of the high-risk smuggling of Afghan refugees

"The fact that thousands of people in Afghanistan are trying to flee the country every day shows the tragedy that this country is actually suffering and will continue to suffer. There is no effective measure...
Forget Meta! Asian Tech Giants like Samsung Will Rule the Metaverse

Forget Meta! Asian Tech Giants like Samsung Will Rule the Metaverse

The race to rule Meta is on. Asian Tech Giants like Samsung will rule the Metaverse and how! The term “metaverse” which is now more of an idea than an actual location, refers to a...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

Wall Street shareholders experienced the worst day of the year following the devaluation of...

Wall Street shareholders experienced the worst day of the year following the devaluation of Facebook shares.Shares of the largest tech and technology company (Nasdaq), in which Amazon and Meta (Facebook's parent company) have stocks,...

Will Euro 2028 become a new World Cup?

The European Football Union (UEFA) has determined its position on the European Nations Cup becoming a new version of the World Cup. The European Nations Cup is held every 4 years with the participation of...
breast cancer, types of breast cancer, organs of breast, what are the internal parts of breast, how does breast cancer spread, spread of breast cancer

What Is Breast Cancer?

Breast cancer is a disease in which cells in the breast grow out of control. There are different kinds of breast cancer. The kind of breast cancer depends on which cells in the breast turn...

“Avatar 2” approached the mark of one and a half billion dollars

After two weeks of its release, the movie "Avatar: The Way of Water" was able to reach the sales mark of one billion dollars. "Avatar 2" continues to sell and by the end of today...

A Couple From The US Reunites After 50 Years Of Separation, And People Are...

It was the summer of 1962 when Janice Rude and Willson Prentiss first met in the cafeteria of Occidental College in Los Angeles, California. Janice used to work there part-time. After a while, they...
CONFIRMED! Pete Davidson & Emily Ratajkowski Are Dunzo!

CONFIRMED! Pete Davidson & Emily Ratajkowski Are Dunzo!

The end of the year is just around the corner and there’s one more couple to add to our list of splits! And this one came and went in the blink of an eye! We’re sorry...
metaverse app, metaverse facebook, metaverse crypto, metaverse zuckerberg, metaverse game, metaverse login, zuckerberg stuck in metaverse, mark zuckerberg stuck in metaverse, live longer for 150 years in metaverse, shib metaverse, gundam metaverse, shiba metaverse, shiba inu coin, shiba inu metaverse, shiba inu, metaverse fashion week, shiba metaverse land, mark zuckerberg, mark zuckerberg metaverse, how to make money in the metaverse, zuckerberg metaverse, best metaverse stocks, metaverse logo, nvidia stock, buying real estate in the metaverse, how to invest in the metaverse, bitcoin, metaverse login, how to buy land in metaverse, metaverse headset, how to invest in metaverse, metaverse meaning, metaverse crypto, metaverse stock, metaverse facebook, metaverse coins, metaverse real estate, metaverse etf, metaverse nft, metaverse login, metaverse pro, facebook metaverse, sandbox metaverse, how to invest in metaverse, mark zuckerberg metaverse, best metaverse crypto, how to buy land in metaverse, roundhill ball metaverse etf, roblox metaverse, top metaverse coins, apple metaverse, pete davidson net worth, pete davidson kim kardashian, pete davidson instagram, pete davidson ariana grande, pete davidson father, pete davidson tattoos, pete davidson exes, pete davidson wife, pete davidson net worth, pete davidson kim kardashian, pete davidson movies and tv shows, pete davidson instagram, pete davidson height, pete davidson ariana grande, simon rex, kenedi anderson american idol, bebe rexha, billy ray cyrus, pete davidson roast 9/11, walker scobell, is kim kardashian pregnant by pete davidson, tish cyrus, david mamet, wynonna judd, roast of pete davidson, pete davidson bde, is kim kardashian pregnant with pete davidson, kanye pete davidson boxing, phoebe dynevor and pete davidson, north and pete davidson, daphne bridgerton, pete davidson father 9/11, kim kardashian pregnant with pete davidson, cam newton, pete davidson and north west, is pete davidson jewish, pete davidson north, kourtney kardashian, pete davidson dad

Elon Musk Sells $8.5 Billion of Tesla Shares After Deal to Buy Twitter

The Tesla chief executive reported selling a total of more than 9.6 million shares Tuesday through Thursday Twitter will become a private company if Elon Musk’s $44 billion takeover bid is approved. The move would...
\