Facebook operator Meta to Lay Off Thousands of Workers to fulfill Financial Targets

Thousands of workers will be laid off this week at Meta, the company that runs the social media site Facebook. Even a few months ago, Meta had reduced its staff by more than 11,000 workers. The company has decided to lay off again to meet its financial targets.

When contacted by Reuters on a Bloomberg report on this meta declined to comment. Last month, the Washington Post reported that Meta was laying off as part of a restructuring plan. The company’s CEO, Mark Zuckerberg, told investors that last year’s layoffs were just the beginning and not the end of the company’s focus on efficiency. He said that some layers would be removed from the middle management. Meta didn’t comment on this either. However, company spokesman Andy Stone tweeted Zuckerberg’s previous statements saying that there would be layoffs again.

Many companies in the tech sector have taken steps like layoffs in the last few months to reduce their expenses due to falling profits. These include Alphabet, which runs Google, and software company Microsoft. The business of tech companies grew rapidly during the pandemic and its impact was also seen on their valuations. Since then, the valuations of these companies have come down significantly due to inflation and increase in interest rates. Mark Zuckerberg, Meta’s chief executive officer, told employees in a message: “Weak macroeconomic conditions, increased competition and reduced advertising have resulted in our revenue well below expectations. I made a mistake and I take responsibility for it.” ” He had said that the company needs to invest its resources in areas with high potential for growth such as AI, advertisements and the Metaverse project.

Meta has company Retrenched staff were given 16 weeks’ base pay plus two additional weeks’ base pay for each year of service. Apart from this, six months’ healthcare cost was also paid. The value of Meta was once more than one trillion dollars, which has come down to $ 446 billion.