Last November the Meta has already laid off around 11 thousand employees, representing 13% of its workforce. Four months ago, during the last round of layoffs, the company announced that it would hire again in March 2023, which did not happen. Now big tech can reduce its team even further.
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Problems with revenue and metaverse still affect Meta
The sources of Bloomberg They claim that the cuts are due to a drop in the firm's advertising revenue. The metaverse is also highlighted as one of the problems related to the company's financial goals. Details about how many people will be laid off and the areas that will be laid off have not been disclosed.
In recent appearances by the almighty of Meta, Zuckerberg commented that 2023 is the year of efficiency for the North American giant. The metaverse market, especially with regard to headsets, is starting to heat up, Meta realizes that it will need to reduce the price of its products to remain competitive. This all takes into account that several other technology companies are taking risks in the fight for virtual and augmented reality. This factor can interfere with the firm's revenue planning.
