Meta to Cut Thousands of Jobs Amid Declining Ad Revenue and Metaverse Shift
In Brief
Meta is preparing to lay off thousands of workers in an effort to meet financial targets.
Mark Zuckerberg has referred to 2023 as the company’s “year of efficiency,” communicated to employees during recent performance reviews.
Meta is preparing to lay off thousands of workers in the coming week, Bloomberg reported. The sources stated that this round of layoffs might conclude in the upcoming week and could be completed before the CEO, Mark Zuckerberg, takes parental leave for his third child.
Meta laid off around 11,000 employees, 13% of its workforce, four months ago to enhance its efficiency. At the time, the company said it wouldn’t welcome any new employees before March 2023. Now, the social media giant is cutting down on staff even more.
Sources told Bloomberg that the upcoming job cuts are motivated by financial goals unrelated to the company’s restructuring efforts. Meta is facing a decline in advertising revenue and is shifting its attention toward the metaverse. The company has reportedly requested its directors and vice presidents to identify employees who can be laid off.
According to sources, Meta CEO Mark Zuckerberg has referred to 2023 as the company’s “year of efficiency,” which was communicated to employees during their recent performance reviews. Meta’s employees are reportedly experiencing heightened anxiety and low morale, Bloomberg wrote. It’s still unclear exactly how many employees will involuntarily leave the company.
It has been over five weeks since Meta discounted its latest VR headset, Quest Pro. Initially priced at $1,500, the company announced a sale on January 30, reducing the price to $1,100. Currently, the device is available for $1,000 after another price reduction. The company is probably trying to increase sales by lowering prices to make VR products more affordable to a wider audience and boost adoption. The competition in the VR market has also been growing with more headsets entering the market, and Meta could be reducing prices to stay competitive.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articlesAgne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].