Reports expressed that the cutbacks influenced the Meta India group across verticals, although the specific number of impacted workers couldn’t be determined.
The layoffs come just a week after Twitter’s new owner, billionaire Elon Musk, laid off a large number of employees. Several job cuts have occurred at other tech firms that hired quickly during the pandemic.
- A global economic downturn, rising interest rates, and regulatory challenges have prompted tech companies such as Alphabet and Amazon to reduce or eliminate hiring. Snap laid off 1,300 employees and reduced investments in late August.
- Microsoft laid off around 1,000 employees across several divisions in October.
- CEO Mark Zuckerberg said that the company froze hiring till Q1 of next year.
- Twitter also fired roughly 3500 employees recently.
Zuckerberg said in a prepared statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”
Zuckerberg also stated that he made the decision to hire aggressively, anticipating rapid growth even after the pandemic was over.
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