This is the second announcement of mass layoffs among technology giants this month. On the 4th, Twitter, recently acquired by the billionaire Elon Musk, laid off half of the approximately 7,5 employees.
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According to Reuters, Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut spending and extend its hiring freeze until the first quarter.
“The macroeconomic slowdown, increased competition and lost ad signal have caused our revenue to be much lower than I expected,” CEO Mark Zuckerberg said in a message to employees.
“I want to take responsibility for these decisions and how we got here. I know this is difficult for everyone and I am especially sorry for those affected,” she said.
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As of September 30, Meta had 87 employees around the world on its different platforms, which include the social networks Facebook and Instagram, as well as the messaging application Whatsapp.
The company recently published disappointing quarterly results, with a drop in revenue and profits, in addition to stagnation in the number of users.
The technology sector is currently in a severe recession and several large companies have announced mass layoffs.
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These platforms, whose business model is based on advertising, have faced problems with advertiser budget cuts, affected by inflation and rising interest rates.
(With AFP)
