Meta to Cut 11,000 Jobs Globally
upstart writes:
Meta to cut 11,000 jobs globally, with Irish workers affected:
Meta has today (9 November) said it is reducing the size of its global team by about 13pc - letting more than 11,000 employees go.
[...] In a memo to staff, Meta CEO Mark Zuckerberg said the job cuts were part of the company's efforts to become "a leaner and more efficient company."
"I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said.
[...] It came after Zuckerberg revealed plans to "steadily reduce headcount growth" following Meta's first-ever quarterly revenue decline reported in July of this year.
Meta's profits continued to decline in its latest quarter, with metaverse costs mounting. The company's metaverse unit has lost more than $9bn so far this year, with things unlikely to pick up in 2023.
Zuckerberg said in today's memo that Meta is extending its hiring freeze into the next quarter, with a small number of exceptions.
"I'm going to watch our business performance, operational efficiency and other macroeconomic factors to determine whether and how much we should resume hiring at that point," he added.
This will be the first major reduction in growth at the company, but Meta is not alone in making job cuts.
Read more of this story at SoylentNews.