Considering mounting expenses and the most recent slump in its share price, social networking and technology behemoth Meta is preparing for “large-scale layoffs” this week. According to the Wall Street Journal (WSJ) report on Nov. 6, citing people familiar with the matter, the planned layoffs could affect thousands of employees in various areas of Meta’s 87,000 employees. See downsizing.
Last week, Meta CEO Mark Zuckerberg said the company would focus its investments on “a small number of high-priority growth areas,” including its artificial intelligence (AI) discovery engine and advertising and commercial news platforms Metaverse.
During the earnings call, the billionaire businessman appeared to be doubling down on the company’s investments in these areas, saying he believes they are “on track with these investments” The report comes just a week after Meta reported its third-quarter results, which missed revenue expectations and pushed operating expenses higher. Five days and 73.
19% YoY, according to Yahoo Finance. Regardless, the company is actively hiring in its Metaverse division. Its job posting shows that 38 of its 413 job postings are related to augmented and virtual reality. Meta needs to clarify if there would be any changes to its Metaverse split, but it did not obtain an instant response.