on Tuesday said it cut hundreds of workers from sales teams, while Apple Inc., Inc. Meta is joining a spate of technology companies that have announced job cuts in recent weeks or said they planned to pause hiring. I know this is tough for everyone, and I’m especially sorry to those impacted Shares rose about 3.5 per cent in premarket trading on Wednesday before markets opened in New York. The retrenchment, the company’s most drastic since the founding of Facebook in 2004, reflects a sharp slowdown in the digital advertising market, an economy wobbling on the brink of recession and Zuckerberg’s multibillion-dollar investment in a speculative virtual-reality push called the metaverse. Meta, whose stock has plunged 71 per cent this year, is taking steps to pare costs following several quarters of disappointing earnings and a slide in revenue. "They've dedicated themselves to our mission and I'm personally grateful for all their efforts.The company said that while reductions will happen across the company, its recruiting team will be disproportionately affected and its business teams would be restructured “more substantially.” Meta will also reduce its real estate footprint, review its infrastructure spending and transition some employees to desk sharing, with more cost-cutting announcements expected in the coming months. It will mean saying goodbye to talented and passionate colleagues who have been part of our success," said Zuckerberg. "This will be tough and there's no way around that. That revelation was first-reported by Platformer Monday. In January, Google laid off 12,000 workers, or about 6% of its global workforce, days after Microsoft announced it was laying off 10,000 employees, or about 5% of its total staff - a cut that included all members of a team responsible for ensuring ethical AI practices. Google unveiled its chatbot Bard earlier this year after Microsoft revealed it invested billions of dollars in the company behind ChatGPT, an AI chatbot that has taken the internet by storm.īut those companies have not been spared the pain of what increasingly appears to be a major downturn in tech, either. Meta is currently locked in a race for AI dominance against other Big Tech companies. "Our single largest investment is in advancing AI and building it into every one of our products," Zuckerberg said. The jobs cuts also come at a time when Meta is looking to put more into artificial intelligence, where competition is heating up. People will be more productive, and their work will be more fun and fulfilling." "A leaner org will execute its highest priorities faster. "Since we reduced our workforce last year, one surprising result is that many things have gone faster," he said in Tuesday's statement. That approach seems to have worked - at least according to Zuckerberg, even though he previously said he viewed " layoffs as a last resort." In November, the company slashed 11,000 jobs, or about 13% of its workforce at the time, amid an industrywide slowdown to curb losses. The latest wave of layoffs comes months after the company announced its largest reduction in staff since 2004, following a hiring spree fueled by rapid growth during the pandemic. The company also said it no longer plans to fill 5,000 currently open positions. Business The tide appears to be turning for Facebook's Meta, even with falling revenueįollowing the cuts, Meta is predicting the layoffs and restructuring efforts to save the company $3 billion, according to regulatory filings.
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