Winning Bizness Desk
Mumbai. Here is another round of sad news. Meta Platforms are gearing up for layoffs once again. Facebook's parent company, Meta, has now issued a memo to managers instructing them to cut jobs. Meta Company has indicated that the job cuts include employees of Facebook, WhatsApp, Instagram and related companies. The layoffs are part of cost-cutting measures that will cut 10,000 positions at the company by the end of the month, as announced by Meta founder and CEO Mark Zuckerberg in March. Another round of layoffs is set to begin in May. In November, Meta cut about 13 percent of its workforce, or nearly 11,000 jobs. According to instructions issued in a memo to the company's managers, the teams under Meta will be reorganized and the remaining employees will be reassigned to work under the new managers.
Meta's revenue touching new low
More restrictions on ad categories have drastically reduced Meta's revenue which has directly affected the advertising revenue of the company. Metaverse, a new platform, is also not generating revenue. Meta founder and CEO Mark Zuckerberg has declared 2023 as the 'Year of Performance' for the company. But the question is whether it will actually happen. Meta Company has recently been continuously reviewing the performance of employees. In line with this, many employees are worried about losing their jobs.
Hanging sword over thousands of employees
Meta Company is taking several big decisions to strengthen its social media platform. Due to this, the company is likely to lay off another 10 thousand employees. A media report said that the job cuts could be made within this week and a final decision could be taken at the earliest. In the wake of the economic downturn, tech companies have made major layoffs this year. Accenture, Amazon, Meta (META) and other tech companies have announced massive layoffs. Amazon has laid off 27 thousand, Meta 21 thousand, Accenture 19 thousand, Microsoft 10 thousand, Alphabet 12 thousand, Selfforce 8 thousand, HP 6 thousand, IBM 3 thousand 900, Twitter 3 thousand 700 and Sagagate company has fired 3 thousand employees.