Facebook parent Meta Platforms Inc. has announced plans for massive layoffs. On Wednesday, 11,000 workers were laid off by the company. According to people familiar with Facebook's plans, the move was taken to reduce Facebook's operating costs. Facebook's earnings for the past few quarters have been disappointing. So the company has to walk the path of layoffs. News from NDTV.
Mark Zuckerberg, CEO of Meta, said in a blog post, "We're about to announce some of the most difficult changes to the Meta legacy. I planned to cut our workforce by 13 percent. We have to let go of more than 11,000 talented workers. As of September this year, Meta had more than 87,000 employees.
Zuckerberg also said, 'We are taking additional steps to make the organization smaller and more efficient. These include spending cuts and halting hiring in the first quarter of the year.
This is the first time Facebook has cut its budget since it was founded in 2004. From this, the reflection of the fact that the company's income from advertising has decreased has become clear. It also reflected Zuckerberg's massive investment in a new technology called the Metaverse, predicting a recession.
According to Facebook, the employees who will be laid off will receive 16 weeks of basic salary and two weeks of additional salary per year.
It should be noted that layoffs are now being seen regularly in technology companies. Before this, there have been cases of layoffs by companies like Twitter and Microsoft.
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