Meta, owner of Facebook, Instagram and WhatsApp, will fire 13% of the workers, which corresponds to more than 11 thousand employees.
in a sentenceMark Zuckerberg says that this “is one of the most difficult changes in the history of Meta” and explains that “several measures” will be taken to make the company “more efficient”, “cutting discretionary expenses and extending the hiring freeze until first trimester”. ” of the next year.
The co-founder of Facebook indicates that these layoffs will affect the research laboratory focused on the metaverse and all the applications of the technology company: Facebook, Instagram and WhatsApp.
“I want to take responsibility for these decisions and how we got here,” Zuckerberg said, adding, “I know this is hard for everyone and I’m especially sorry for those who have been hit.”
The Covid-19 pandemic, says the company’s CEO, has led to a significant increase in e-commerce and “huge revenue growth”, which has not been sustained.
“Many people predicted that this would be a permanent acceleration that would continue even after the pandemic is over. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not turn out as I had hoped,” she said. add.
Now, the macroeconomic recession, increased competition and loss of advertisers have meant that, according to Zuckerberg, revenue “has been much lower than I expected.” “I was wrong and I take responsibility for that,” he stresses.
The CEO of Meta acknowledges that the company has to focus on a smaller number of sectors, reduce costs and give priority to some units such as the one that focuses on the Artificial Intelligence engine.
Meta’s earnings fell to $4.4 billion in the latest quarter, down 52% from a year earlier.
The technology industry is currently in crisis, with several companies announcing massive layoffs. The new owner of Twitter, Elon Musk, also announced that he will fire half of the employees of the social network.
Source: TSF
