Massive Sacking Looms at Facebook

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Chrispen

Business || Brand strategist || Marketing - We make and break Brands®

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Monday, November 7, 2022 –Several employees at the Meta – parent company for Facebook – will be losing job from this week.

An impeccable source revealed to the media that the job cut will affect quite a number of employees at the multimillion tech-company; this being part of the Facebook management plan to slow down on costs.

Though it is not clear how many persons are going to be relieved of their duties, this lay off is expected to kick off by the end of this week.

A background check by this journalist indicates that Meta had 87,314 employees by the end of September – this being a 28 percent up compared with the previous year 2021.

Better part of last year and this year, meta has been struggling financially with efforts to clump down on costs intensified.

The Silicon Valley company owns Facebook, Instagram, WhatsApp and Messenger and has, for years, been spending billions of dollars on keeping up with emerging tech trends in what is referred to as Metaverse.

According to a NewYork publication, Meta’s revenue had weakened as advertisers pull back, affecting many social media companies.

Furthermore, Meta’s revenue has also been hurt by privacy changes that Apple enacted, which have hampered the ability of many apps to target mobile ads to users.