Meta Plans a New Round of Layoffs Due to Financial Goals

03/07/2023 02:47 • Blockchain Buzz • 140 views

On March 7, according to people familiar with the matter, Meta is planning a new round of layoffs, with thousands of layoffs as early as this week. In the last round of layoffs with a proportion of up to 13%, Meta cut 11000 employees, which is the company’s first large-scale layoffs. The source also said that the upcoming round of layoffs was driven by its financial goals. Meta has seen the slowdown in advertising revenue and shifted its focus to a virtual reality platform called “Meta Universe”. The company has been asking directors and vice presidents to list employees who can be dismissed.

Meta will conduct a new round of layoffs after 13% layoffs last November

Interpret the above information:

According to sources familiar with the matter, Meta is planning a new round of layoffs, with thousands of employees expected to be cut as early as this week. This news comes after the social media giant’s first large-scale layoffs, where they cut 11,000 employees, representing up to 13% of its workforce. The upcoming round of layoffs is primarily driven by Meta’s financial goals.

Meta has seen a slowdown in advertising revenue, which has affected its business operations significantly. As a result, the company has shifted its focus to the virtual reality platform called “Meta Universe,” which it believes will help it generate more revenue. It is also an attempt to expand beyond its traditional social networking business.

To achieve its goals, Meta needs to restructure its workforce and make cost reductions. To this end, it has been asking directors and vice presidents to identify employees to be laid off. Based on the reports, this round of layoffs is expected to be more significant than the previous ones, with thousands of employees losing their jobs.

The news of the layoffs is likely to be a blow to many of Meta’s employees, who may fear for their job security. However, from a business perspective, this move is understandable. Meta needs to streamline its operations so that it can focus on its new business initiatives. This includes investing in the Meta Universe platform, which could be a game-changer for the company.

It is essential to note that these layoffs are not unique to Meta. Many companies restructure their workforce and cut jobs to achieve their financial goals. And given the current economic climate, many firms are struggling to stay afloat. Meta is no exception, and it must make tough decisions to remain competitive in the market.

In conclusion, Meta’s upcoming round of layoffs is a result of its financial goals, the slowdown in ad revenue, and its renewed focus on the Meta Universe platform. While the news may be unsettling for employees, it is a necessary step for the company to maintain its competitive edge. Meta needs to restructure its workforce and make cost reductions to focus on its new business initiatives successfully.

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Meta Plans a New Round of Layoffs Due to Financial Goals

Meta will conduct a new round of layoffs after 13% layoffs last November

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