Facebook Parent Company Meta Expected To Begin Layoffs Soon

Facebook Parent Company Meta , Expected To Begin Layoffs Soon.

'The New York Times' and 'The Wall Street Journal' reported the layoffs on Nov.

7.

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The reporting stated that layoffs of the company's 87,300 employees will likely be implemented sometime during the week.

In October, Meta reported that its quarterly profits had dropped by 50 percent.

Meta CEO Mark Zuckerberg stated at the time that a majority of “teams will stay flat or shrink over the next year.”.

Zuckerberg added that Meta likely would “end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”.

However, he acknowledged in July that there are Meta employees "who shouldn't be here.".

I think some of you might decide that this place isn’t for you, and that self-selection is OK with me, Mark Zuckerberg, Meta CEO, via 'The New York Times'.

Realistically, there are probably a bunch of people at the company who shouldn’t be here, Mark Zuckerberg, Meta CEO, via 'The New York Times'.

While many tech companies reported increased profits during the pandemic.

... many of the same companies have struggled in recent weeks.

The layoffs at Meta come as other high-profile tech companies have also made significant cuts.

Elon Musk, the new owner of Twitter, has laid off half of the company's staff.

Lyft also announced a 13 percent reduction in its workforce.

Amazon announced a corporate hiring freeze in October, due to the economy being in an "uncertain place."