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Friday, April 12, 2024

WSJ learns about Meta plans to start large-scale layoffs

At the end of September, the company employed more than 87 thousand people. could fall under the dismissal, the newspaper writes. Management has already asked employees to cancel non-essential travel from this week.

Meta Platforms (owns the social networks Facebook and Instagram, WhatsApp messenger; is going to start large-scale layoffs, The Wall Street Journal writes , citing sources. The company, according to the publication, should announce this to employees on Wednesday, November 9.

At the end of September, over 87,000 people worked at Meta. “Many thousands of employees” could fall under the dismissal, the newspaper writes. The company’s management has already asked employees to cancel unimportant trips from this week.

The planned layoffs will be the first major layoffs in the company’s 18-year history, the WSJ notes. Although in percentage terms, this is less than on Twitter, where layoffs affected about half of the staff last week, the publication points out.

A spokesman for Meta declined to comment, citing CEO Mark Zuckerberg’s recent statement that the company intends to focus investment “in a small number of high-priority growth areas.” “Overall, we expect to end 2023 with roughly the same lineup or even less,” Zuckerberg said in late October.

In late September, The Wall Street Journal reported that the Meta plans to cut costs by at least 10% in the coming months, partly through layoffs. “In fact, the company probably has a bunch of people who should not be here,” Zuckerberg said in the summer.

According to Meta’s report for the third quarter of 2022, the company’s revenue fell 4.5% to $27.7 billion, while net income fell 52% to $4.39 billion. Earnings per share – EPS – was $1.64.

The layoffs on Twitter began on November 4, after the purchase of the social network by the richest man on the planet (as of November 7, Forbes estimates his fortune at $ 208.3 billion), the founder of SpaceX and Tesla, Elon Musk. 7.5 thousand employees were laid off.

The New York Times wrote that workers were notified of the cuts by email. They were asked to go home and not come to the offices on Friday while layoffs continued. Musk completed his $44 billion purchase of Twitter on October 27 and immediately fired management.

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