Edulet
Active member
The news was first reported by the Wall Street Journal, but Meta has not responded to The Register's request for comment. The company has only responded to the WSJ with statements on Q3 earnings, but has yet to confirm that it will go back to current staffing levels. Until further notice, the company will continue to trim costs and focus on building new features.
Twitter laid off half its employees last week, and Meta is expected to follow suit. Meanwhile, targeted job cuts are continuing at a number of cloud-, security-, and SaaS-focused companies. Despite these cutbacks, talent in the cloud services sector is still in high demand. For instance, Google Cloud unfroze hiring in October, which will likely continue.
Zuckerberg was downbeat in Tuesday's meeting and said that the company had overstaffed itself and overestimated its growth. While he was confident in its future experiments, he did warn that the company might lose $10 billion in ad revenue by 2022 because of Apple's new privacy rules. The company's layoffs are one of the largest rounds of job cuts in the tech industry in recent years.
While Meta has never faced widespread layoffs before, the company faces a number of challenges in 2022. Zuckerberg's newest ventures, augmented reality and virtual reality, have failed to deliver on expectations. The company has reportedly spent $15 billion on research and development in these fields without much success. In addition, TikTok is emerging as a powerful competitor.
After a year of strong growth, many US companies are beginning to experience a decline. Many internet companies have reported a slower third quarter due to consumer behavior changes. This has led many people in the tech industry to review their workforce and investments. As a result, many tech firms are reducing their workforce.
