Facebook-parent Meta Platforms was rumoured to be preparing to announce mass job cuts later this week, days after a cull at social media peer Twitter and in the face of shareholder pressure [1] for big changes at the business.
The Wall Street Journal described the expected cuts at Meta Platforms as being widespread, predicting it could impact many of the company’s 87,000 employees and be more severe than other recent job culls in the US technology sector [2].
Cuts at the company would come as little surprise given comments made by Meta Platforms CFO David Wehner in its Q3 2022 earnings statement, where he flagged forthcoming “efficiency” measures, including in its headcount.
In June, Meta Platforms also reportedly lowered [3] a previously announced target of hiring 10,000 engineers across 2022.
The latest revelation comes as Meta Platforms continues to pump cash into developments intended to make it a driving force in the nascent metaverse, which has had significant impact on the company’s bottom line [4].
Its focus and huge sums of money spent in its metaverse-related division have attracted criticism from investors, however company chiefs regularly reiterate a determination [5] to press-on with its strategy citing an expectation of long-term gains [6].
[1] https://www.mobileworldlive.com/featured-content/top-three/meta-shareholder-calls-for-staff-spending-cull/
[2] https://www.mobileworldlive.com/featured-content/top-three/twitter-staff-brace-for-mass-cull/
[3] https://www.mobileworldlive.com/featured-content/home-banner/meta-cuts-recruitment-target-on-economy-fears/
[4] https://www.mobileworldlive.com/featured-content/top-three/meta-value-takes-65b-hit-as-q3-disappoints/
[5] https://www.mobileworldlive.com/featured-content/top-three/meta-product-chief-stands-firm-on-metaverse/
[6] https://www.mobileworldlive.com/apps/news-apps/meta-sheds-another-3b-on-metaverse-punt/
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