The Facebook parent forecasted a weak holiday quarter and significantly higher costs next year. Wiping around 67 billion dollars off its stocking marketing value, added to the value already lost this year, more than half a trillion dollars in the disappointing outlook comes as Meta is contending with slowing global economic growth and competition from Tik-Tok. Another big worry concerns its massive spending on the metaverse. Chief executive Mark Zuckerberg said he expects the investments to take about a decade to bear fruit. In the meantime, he has had to freeze hiring, shutter projects, and reorganize teams to trim costs. The social media company in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.
After Twitter, Meta platforms are laying off employees, and to be exact, the number is 11,000 staff members, which is 13% of its workforce out of 87,000 employees. It’s one of the biggest tech layoffs this year, 2022.
A wave of anxiety and resentment among Facebook’s workforce. Some have worried they could lose their jobs and others are concerned that an already rigorous corporate environment will grow even more competitive as employees jockey for fewer coveted positions.
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