Meta, the parent corporation of Facebook, is expected to lay off a sizable number of employees as early as the third week of November 2022. According to the company website, Meta intends to lay off “many thousands” of workers, and an announcement could be made as early as November 9, 2022. Meta currently employs more than 87,000 people. The number of active jobs declined at Meta Platforms in October 2022 in comparison to that in the previous months, according to GlobalData.
The layoffs by Twitter on November 4, 2022, can not be compared to the reduction in the number of personnel by digital companies in 2022. The reduction would also mark the first significant reorganization in Meta’s history. In the first two years of the COVID-19 pandemic, Meta reported substantial growth, hiring more than 27,000 people in 2020 and 2021. The company continued its hiring spree through the first nine months of 2022, during which time it employed 15,344 more people. Although the company benefited from the pandemic, its situation changed recently. The company announced its first-ever decline in revenue in July 2022. Meta attributed its recent difficulties to intense ’competition from TikTok and the introduction of Apple’s disputed App Tracking Transparency feature.
The share prices of Meta Platforms increased on November 7, 2022, after news that Facebook’s parent company would announce a significant number of layoffs next week. After the explosive expansion of the tech sector during the pandemic, there have been several job losses. Among the companies that laid off employees were Twitter, Stripe, and Lyft. The layoffs at Meta could be the largest in this wave. The price of Meta stock increased 5% to $95.60, outperforming market expectations. The shares ended 2021 at more than $336 but fell later in 2022. At the same time, Mark Zuckerberg’s attempt to purchase the Metaverse has cost the corporation a lot of money, while not generating any new revenue potential. With little success, Meta spent $15 billion since the beginning of 2021 trying to popularize augmented reality and virtual reality. The company expects further project losses in 2023.
United States of America
United States of America
United States of America
Germany
United States of America
Ireland
United States of America
Hong Kong
Japan
United Kingdom
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer