Layoffs at Meta? More like Meta but not for long! According to an anonymous employee, the company plans to cut “business-facing roles” like finance, legal, and HR starting in May. Be careful, tech teams may also be included in the next round of layoffs. The game is afoot at Meta!
Even gaming programmers aren’t safe from the reaper’s scythe, as multiple people in that field were also affected by the layoffs. They work on virtual and augmented reality products, according to a job listing. So, if you’re tired of playing games on Meta, you might have to find a new career.
In a LinkedIn post, a Facebook business program manager lamented: “I woke up this morning to the unfortunate news that I was one of the many laid-off from Meta today.” Looks like their news feed got a little bit darker!
Meta’s ad revenue declined last year and their stock prices plummeted. In response, Meta announced in November that they would layoff roughly 11,000 workers. Moreover, the company’s CEO Mark Zuckerberg plans to lay off an additional 10,000 jobs. He calls it efficiency, which we think is just the fancy term for downsizing.
Wall Street cheers on the downsizing by Meta, resulting in the company’s shares soaring 81% this year after losing two-thirds of their value last year. Y’all better buy those Meta shares before it gets too expensive.
Meta is currently developing the technology for the metaverse, taking a shot in the dark on a nascent market. However, this plan comes with a huge price tag. Last quarter, Meta’s Reality Labs unit posted a $4.28 billion operating loss, causing the unit to be at an enormous total loss of approximately $13.72 billion this year. Looks like the metaverse isn’t quite as lucrative as we all thought.
With TikTok being banned, our beloved social media giants Meta and Twitter can finally take the center stage. Maybe this will lead to Meta’s comeback. Keep your fingers crossed!
Serious News: cnbc
