Meta lays off Thousands of Employees: Loses Users, Profits Go Down

Business | November 7, 2022, Monday // 09:19
Bulgaria: Meta lays off Thousands of Employees: Loses Users, Profits Go Down @pymnts.com

The Meta company, which owns the social networks Facebook and Instagram, plans to lay off thousands of its employees this week, global agencies reported, citing a Wall Street Journal publication.

As of September 30, Meta had over 87,000 employees worldwide. But its results last quarter were disappointing, and then the company's boss, Mark Zuckerberg, mentioned that its staff will not be increased until the end of 2023 and even hinted that it will be reduced slightly.

According to the American publication, the layoff plan will be announced on Wednesday and several thousand employees will be affected by it. This will be the first such plan in the history of the social network giant.

Twitter also announced layoffs last Friday.

For the third quarter, Meta's net income melted to $4.4 billion, which is 52 percent on per year basis.

Already at the beginning of the year, Meta admitted that its Facebook network had lost users. And the large investments to build a metaverse no longer reassure investors who doubt that the company will reap significant benefits from this parallel universe.

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