Meta CEO Mark Zuckerberg is promoting 2023 as the “Year of Efficiency”. Thousands of employees may be impacted by Meta’s upcoming round of layoffs, according to a Monday night Bloomberg News article.
The job cuts, which might begin this week, would add to the 13% of Meta employees who had already lost their jobs as a result of a significant cost-cutting initiative launched in November.
People who work at Meta said the company has been asking directors and vice presidents to compile names of staff members who can be let go due to a slowdown in advertising revenue and a shift in focus to a virtual reality platform called the metaverse.
Zuckerberg, had stated that this year would be focused on initiatives aimed at reducing the company’s expenditures, promoting 2023 as the “Year of Efficiency.” In February, he informed analysts that Meta would be concentrating on “reducing initiatives that aren’t performing or might not be necessary” and that it intended to “remove layers of middle management to make choices faster.”
The company is still making significant investments in the metaverse’s development, which Meta believes might be the emerging field of mainstream computing. A $4.28 billion operating loss was incurred during the fourth quarter by the company’s Reality Labs division, which is in charge of developing the virtual reality and augmented reality systems required for the metaverse.
Layoffs are “a last choice,” according to Zuckerberg, who has stated that he will “take blame” for the company’s previously disclosed cost-cutting initiatives.
Disclaimer: Important Disclosures and Disclaimers. This report is intended for informative purposes only. Under no circumstances is it to be used or considered as an offer to sell or a solicitation of any offer to buy any security. It is recommended that investors independently evaluate the strategies and consult a financial adviser before proceeding to the purchase or sale of any security or other financial instrument. Also note that past performance may not be a reliable indicator of future returns. Investors may not get back the original amount invested. This report has been compiled based on information that I believe is reliable, but the accuracy, completeness, or correctness cannot be guaranteed. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice.
The use of forward looking wording such as “expect”, “estimate”, “forecast”, involve known and unknown risks and uncertainties which may mean that the actual results may differ from any future results implied by the forward looking wording included in the relevant statement
Main line: (357) 22 256582
Brokers: (357) 22 275323
Fax: +357 22 262545
41 Archbishop Makarios III Avenue, Toumazis Makariou Tower, 1st Floor, Office 11, 1065 Nicosia, Cyprus
There is a high level of risk involved with trading leveraged products such as CFDs. You should not risk more than you can afford to lose, it is possible that you may lose all your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. If the risks involved seem unclear to you, please seek independent advice. For further details please refer to Financial Instruments Description and Associated Risks. The information contained in the website has been prepared by Emporium Capital K.A Limited, a Cypriot Investment Firm, operating under license number CIF358/18 issued by the Cyprus Securities and Exchange Commission, and, except otherwise specified herein, is communicated by Emporium Capital K.A Limited. Although this website is accessible worldwide, the publications are only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. The products and services referred to in the publications are not intended for recipients residing in countries where the provision of such products and services would constitute a violation of applicable legislation or regulations. It is the sole responsibility of any recipient employing or requesting a product or service to comply with all applicable legislation or regulations. >> view more