Meta is on the verge of slashing thousands of jobs with the aim of addressing a downward trend in its advertising earnings while turning its focus to metaverse initiatives.
In Brief
In a bid to achieve its financial objectives, Meta is gearing up to let go of several thousand employees imminently.
During recent performance evaluations, Mark Zuckerberg has noted that 2023 will be the company's 'year of efficiency,' emphasizing this directive to the workforce.
Bloomberg reports that layoffs at Meta could commence within the week, potentially concluding before CEO Mark Zuckerberg goes on parental leave for his third child. reported Last year, Meta reduced its workforce by about 11,000 staff, accounting for 13% of its total employees, in an effort to bolster operational efficiency. At that time, it announced a hiring freeze until March 2023. Now, the company is poised for yet another round of job cuts.
Insiders inform Bloomberg that the upcoming layoffs are driven by the company’s financial aims rather than its restructuring plans. Faced with a downturn in advertising revenue, Meta is shifting its focus towards the metaverse, prompting leadership to identify personnel for termination. four months ago According to reports, Mark Zuckerberg reiterated the theme of 2023 as the 'year of efficiency' during the latest performance appraisals. This shift has reportedly led to rising anxiety and diminishing morale among employees, as per Bloomberg. The exact number of layoffs remains uncertain.
Over a month has passed since Meta slashed the price of its latest VR headset, bringing it down to $1,100. Currently, the price has been lowered to $1,000 as part of a larger strategy to boost sales by making virtual reality devices more accessible to consumers. This price drop may also be a response to increasing competition in the VR landscape, as more products are introduced to the market.
According to Layoffs.fyi, the tech industry is currently witnessing a staggering rate of 2,600 job losses each day.
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