After Twitter, Meta planning its biggest round of layoffs ever: Report

Meta, formerly known as Facebook, is planning to lay off many employees from its various operations, a new report has claimed. The exact number of people that will be fired is unclear. However, the firings are expected to begin as early as this week. This might be the biggest round of layoffs the company has ever witnessed since its founding in 2004.

According to a report by New York Times, the layoffs will begin by the end of this week. At the end of September 2022, Meta had 87,314 employees. Any reduction in the workforce will lead to thousands of employees losing their jobs. This news comes just days after Twitter laid off thousands of its employees across the globe. The company has sacked over 80 per cent of its employees in India.

Late last month, Meta announced a weak revenue outlook for the December holiday quarter. The company announced that it would incur significant losses in Metaverse investments next year. The disclosure led to a steep fall in share price. Meta CEO Mark Zuckerberg has asked investors to believe in the brand and claims that it will eventually reward those that stick with the company.

The new round of layoffs may bring down some of the financial woes for the company. Meta currently owns some of the biggest platforms in the world including WhatsApp, Instagram, and Facebook. However, the company has been increasing the spending on Metaverse, a virtual world where users can build their own avatars. The low adoption rate and expensive R&D have led to recurring losses for the company. Despite the losses, the company remains bullish about the prospects of emerging technology.

 Meta has also suffered a blow at the hands of Apple, which introduced a new privacy feature. This feature doesn't allow Meta to offer targeted ads to iPhones and other devices in the Apple ecosystem. This blow was monumental for Meta as it heavily depends on advertising money to generate revenue.