Last year, Meta announced its plans to layoff more than 11,000 employees across its Family of Apps and Reality Labs divisions. The company CEO Mark Zuckerberg pointed out that the company was facing a different economic reality and that online commerce is not at its peak like it was at the height of the pandemic.
In turn, this prompted the layoffs. As it happens, the company isn’t quite over the hump, at least, according to a report by Financial Times. Meta is reportedly going to let go of more employees in the next few weeks.
It isn’t business as usual, things have significantly slowed down. The company has reportedly delayed finalizing budgets for multiple projects, including metaverse and ads. We’re likely to get the announcement from Meta sometime next month after the conclusion of staff performance reviews.
While Meta is yet to comment on the issue, it isn’t in a unique position, ever since the year began tech firms have been hit by tough economic circumstances thus forcing them to restructure and lay off some of their employees.
As is the case with Microsoft, it announced its plan to cut 10,000 employees over the next coming months. Last week, the company’s plan started taking shape with approximately 617 employees said to be affected and spread across the Surface devices, HoloLens mixed reality hardware and Xbox divisions.