Meta cuts more than 11,000 jobs; biggest cull in its history

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  • Meta Platforms Inc said on Wednesday it will let go of 13 percent of its workforce, or more than 11,000 employees, in one of the biggest technology layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
    The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other leading tech companies including Elon Musk-owned Twitter and Microsoft Corp.
    The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.
    Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.

    Chris Stokel-Walker is a technology Journalist and Author; he joins us live from in Newcastle in the UK for the latest updates.

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    #Meta #Facebook #Metaverse #AlJazeeraEnglish

    Meta cuts more than 11,000 jobs; biggest cull in its history

    Meta Platforms Inc said on Wednesday it will let go of 13 percent of its workforce, or more than 11,000 employees, in one of the biggest technology layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.
    The broad job cuts, the first in Meta’s 18-year history, follow thousands of layoffs at other leading tech companies including Elon Musk-owned Twitter and Microsoft Corp.
    The pandemic boom that boosted tech companies and their valuations has turned into a bust this year in the face of decades-high inflation and rapidly rising interest rates.
    Meta, whose shares have lost more than two-thirds of their value, said it also plans to cut discretionary spending and extend its hiring freeze through the first quarter.

    Chris Stokel-Walker is a technology Journalist and Author; he joins us live from in Newcastle in the UK for the latest updates.

    Subscribe to our channel http://bit.ly/AJSubscribe
    Follow us on Twitter https://twitter.com/AJEnglish
    Find us on Facebook https://www.facebook.com/aljazeera
    Check our website: http://www.aljazeera.com/
    Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/

    #Meta #Facebook #Metaverse #AlJazeeraEnglish

    Comments

    James Yount says:

    Blaming the tech industry when there are deep problems with both Twitter and Meta right now is laughable. Elon is tanking Twitter and Zuckerberg’s bad Metaverse is tanking Meta. Oculus is cool but raising it by $100 was a bad move also.

    Nick Mail says:

    The meta verse is another Sinclair C5 moment.

    Frogs F says:

    Replacement too or so called save money’s too.. aka KILLER robotics & SKYNET.

    Bh Prashanth says:

    Dude is British version ok Zuck😅

    Zoltan Varga says:

    I hope social media go away and real life communication is coming back. Pretty soon Zuckerberg go bankrupt

    noobie explorer says:

    Same here. Instant messaging good. Social media not

    kiwi pig says:

    we needed and you were there
    but now that we no longer need you
    we’ll just throw you away
    yes you are just tools we use you as you use us

    Michael G says:

    I thought Chris was the one got laid off 😂

    Funkyboodah says:

    🤣🤣🤣dude looks like he just got out of bed in his childhood bedroom

    M.O.M. basic life skills says:

    So billionaires that could be creating jobs are doing the opposite. How about building houses? That aren’t crazy expensive – $500 for a one bedroom is affordable.

    Yashwanth Dhakshana says:

    That’s a good point but not everyone is interested in combating those issues. Elon and Mark are interested in space, social media and other ventures that benefit everyone.

    And if an area is too expensive to live, you can upskill to get a higher paying job or move. I did both.

    Left teaching to be a programmer and moved to Austin from Connecticut.

    M.O.M. basic life skills says:

    @Yashwanth Dhakshana those “issues” affect all of society on a global scale.
    Creating jobs ensures a stable economy. It lifts people up – they can feed their children and provide a roof over their heads.

    With wealth comes responsibility – power is an illusion.

    Don Babilio says:

    What was meat producing can you tell me?

    ruststar says:

    A fake world

    Al Cosmic says:

    In five years it will just be people in bath robes interviewing each other

    Fern Bedek says:

    Aiming for infinite growth on a finite planet is bad planning.

    Haqeeqat Report says:

    sad man are you mad 11,000 people are jobs-less it’s increase more unemployment more Crises are been born ..💔

    Linda Latcham says:

    Censoring Facebook comments using censors that have no education on the issues they are censoring just shows how they could not care about subscribers. Was part of a group on Facebook that shared a common disease and were constantly being censored for our research into remedies we could try. If you treat your customers badly and ignore their concerns, eventually it will bite you in the pocketbook. Bye bye Facebook/Meta

    Rich H. says:

    These companies follow a hard left mandate. Time to go.

    Bobbie Dick says:

    I could buy facebook for $1 in 3 monyhs

    Proforex tm says:

    *I’m done sitting tight for the award advance since i acquire$23,000 every 12 days of my investment.,.*

    Nando M. Jones says:

    @Marlene Loiseau THANKS A LOT I HAVE CONTACTED HIM NOW AND HE RESPONDED I SEE THIS AS AN OPPORTUNITY TO ESCAPE MY FINANCIAL SITUATION ☺️.

    Wendy Egli says:

    It has been awesome, really crypto is very frustrating.. I was astonishing how I made $71,380 with $14k as a Novice. I got to put in some $$$ in it tho .

    Sally Martinez says:

    I have also been hearing a lot about his goodness and perfection in trading Cryptocurrencies with awesome trading

    Pratima Rose says:

    This is really helpful for my situation I think for people to talk all this good about him he must be an expert,

    Mitchelle ann says:

    Count me in , I’m placing my trade with Expert Charles ASAP

    Kyle Smith says:

    “Journalists” wear real adult clothes when they are doing interviews. This guy was……in his pajamas with his hair in arrears. LOL.

    Christopher Joe says:

    No matter the stock market crash one needs to have different portfolio, I already invested in Forex and Crypto which are really profitable

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