Meta layoffs 2022 - Gondwana University Meta layoffs 2022 - Gondwana University

Meta Layoffs 2022

Numerous reports from US media imply that Meta has begun to lay off a big portion of its personnel.

The parent company of Facebook, Instagram, and WhatsApp cut 13 percent of its workforce and prolonged a hiring freeze until the first quarter of next year.

Meta attributed the layoffs to the present macroeconomic crisis, greater competition, and declining ad income.

So far in 2022, Meta has lost $9.4 billion on its metaverse technology, and the company expects to spend significantly more in the future.

New competitors, like as TikTok, have emerged to lure a younger audience, while Meta's services have lost their lustre.

Meta's stock has dropped. Its stock price has plunged more than 70% this year, and its market capitalization has dropped by $700 billion in recent weeks.

However, after Zuckerberg announced job layoffs, the company's stock price jumped more than 4% in pre-market trade.