Meta expected to cut thousands of jobs as tech sector layoffs rise Business News

Meta, formerly Facebook and the parent company of WhatsApp and Instagram, is expected to be the latest tech company to cut jobs.

The company is reportedly preparing for massive layoffs around the world.

A spokesman declined to comment directly on the reports, but pointed to a recent statement Facebook In it, CEO Mark Zuckerberg discusses the prospect of layoffs.

following last month’s announcement Meta’s third-quarter revenue came in below expectations at £23.83bn and shares fell 61.6% since the start of the year, with Mr Zuckerberg saying some teams would grow “meaningfully” but “others would remain flat or shrink going forward” year”.

“In general, we expect that by the end of 2023, we will be about the same size as today, or even slightly smaller.”

Third-quarter results also showed YuanAfter the hiring freeze was implemented, the company is expected to see a $10 billion drop in ad revenue.

Meta has started restructuring the content moderation team at its European headquarters. Contracted staff working in quality control and law enforcement in Dublin have reportedly been told their roles will no longer be required from October as the company moves forward with plans to move roles to different regions.

The company in July suspended renovations on its new custom campus, which is intended to be its Europe, Middle East and Africa (EMEA) headquarters, and slashed plans to hire engineers by 40%.

Declining advertising revenue is also a difficulty GoogleIts parent company, Alphabet, also reported results from a slowdown in ad sales last month.

It’s not just Twitter owned employees deboning Because jobs across the tech industry are under threat or have happened.

Google CEO Sundar Pichai said in July that his “real concern is that our overall productivity won’t be at the level we need to have the number of people we have.”

Payments company PayPal has announced plans to cut 300 jobs from its 2,000 EMEA headquarters staff.

Earlier this year, food delivery startup Flipdish, valued at more than 1 billion euros, announced layoffs to control costs, rather than hiring 700 jobs over the course of the year as previously planned.

Payments company Stripe also said it would lay off 14 percent of its global workforce, or roughly 1,000 people.

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