Meta Reportedly Plans Massive Layoffs

Meta Reportedly Plans Massive Layoffs
Meta Platforms

Meta Platforms is rumored to announce mass job cuts later this week. This comes into focus days after a cull at Twitter and in the face of shareholder pressure for big changes in the business.

The Wall Street Journal describes the expected cuts at Meta as widespread, predicting it could impact many of the company’s 87,000 employees and be more severe than other recent job culls in the US technology sector. Cuts at the company would come as little surprise given comments made by Meta Platforms CFO David Wehner in its 3Q22 earnings statement, where he flagged forthcoming efficiency measures, including in its headcount.

In June, Meta also reportedly lowered a previously announced target of hiring 10,000 engineers across 2022. The latest revelation comes as Meta continues to pump cash into developments intended to make it a driving force in the nascent metaverse, which has had a significant impact on the company’s bottom line. Its focus and huge sums of money spent in its metaverse-related division have attracted criticism from investors, however, company chiefs regularly reiterate a determination to press on with its strategy citing an expectation of long-term gains.