Social media and tech big Meta is reportedly gearing up for “large-scale layoffs” this week amid rising prices and a latest collapse of its share worth.
According to Wall Street Journal (WSJ) report on Nov. 6 citing folks acquainted with the matter, the deliberate layoffs may affect hundreds of workers in a broad vary of divisions throughout Meta’s 87,000-strong workforce.
It shouldn’t be at the moment understood whether or not the agency’s Reality Labs division, which registered a $3.7 billion loss within the third quarter, would see workers cuts.
Last week, Meta CEO Mark Zuckerberg stated that the corporate could be focusing its funding on “a small number of high-priority growth areas,” including its Artificial Intelligence (AI) Discovery Engine and its advertisement and business messaging platforms in addition to the Metaverse, stating:
“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.”
During the earnings name, the billionaire entrepreneur appeared to double down on the agency’s investments in these areas, saying he believes they’re “on the right track with these investments” and will “keep investing heavily in these areas.”
Related: Zuckerberg’s $100B metaverse gamble is ‘super-sized and terrifying’ — Shareholder
The report comes solely every week after Meta reported its third-quarter earnings, which missed income expectations and noticed an increase in its working prices. Its inventory worth additionally took a battering, with shares in Meta at the moment priced at $90.79 — down 7.56% during the last 5 days and 73.19% year-on-year, based on Yahoo Finance.
The firm seems to nonetheless be actively hiring into its metaverse division regardless, with its checklist of job openings revealing 38 of its 413 listings are associated to Augmented Reality and Virtual Reality.
Cointelegraph has reached out to Meta for clarification and whether or not there could be any adjustments to its metaverse division but didn’t obtain an instantaneous response.
