Facebook owner Meta to sack 11,000 workers after revenue collapse – The Guardian
Mark Zuckerberg’s Meta is cutting 11,000 jobs, more than one in eight staff, after a disastrous collapse in revenue has left the company behind Facebook overstaffed and “inefficient”, the chief executive said in a note to staff on Wednesday.
However, Zuckerberg indicated he planned to continue backing the company’s controversial multibillion-dollar bet on virtual reality, saying the metaverse project was a “high priority growth area”.
The first round of redundancies in the company’s history comes after its workforce peaked this year at 87,314 people. In the note, Zuckerberg said Meta had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the pandemic ended.
“Unfortunately, this did not play out the way I expected,” he said. “Not only has online commerce returned to prior trends but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I…
The post Facebook owner Meta to sack 11,000 workers after revenue collapse – The Guardian first appeared on SEO, Marketing and Social News | OneSEOCompany.com.
source: https://news.oneseocompany.com/2022/11/09/facebook-owner-meta-to-sack-11000-workers-after-revenue-collapse-the-guardian_2022110935409.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.