Mark Zuckerberg’s company Meta, which is responsible for the popular platforms Facebook, Instagram, and WhatsApp, may be next to lay off some of its employees. A new report from The Wall Street Journal reveals that Meta is planning a mass layoff as early as this Wednesday.
WSJ sources reported that Zuckerberg’s company is expected to lay off thousands of workers in the coming days. In September, Meta had already laid off more than 87,000 employees. The news comes as Meta reported that its revenue has fallen once again as it spends tons of money on metaverse-related projects.
In July, Zuckerberg told Meta employees that the company is facing the “worst downturns that we’ve seen in recent history.” This statement already suggested that mass layoffs at Meta were imminent. Just like other big tech companies, Meta reportedly suspended all hiring indefinitely in September.
Meta’s revenue was down 4% in the third quarter of fiscal 2022, at $27.71 billion. The company forecast another decline in the fourth quarter, which disappointed investors. Meta shares are down more than 20% since last week. But Meta is not the only company going through some hard times.
Last month, Bloomberg reported that Intel had also been planning to lay off 20% of its employees. At the same time, Apple has also suspended hiring except for its research and development department. When it comes to social networks, many Twitter employees have also been laid off in recent days since Elon Musk became CEO of the company.
As for Meta, Zuckerberg said he expects that 2023 won’t be a big year for the company. He even suggested that Meta might become a “slightly smaller organization than we are today.”
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