Big Tech

ZUCK'S CUTS: Struggling Facebook to Make Massive Layoffs, May Be Bigger Than Twitter Cuts

posted by Hannity Staff - 11.07.22

Facebook is having a terrible year —and it’s about to get worse.

According to a report from The Wall Street Journal, employees at the house that Zuck built are bracing for massive layoffs —the number is said to be as large or larger than the 3,700 layoffs Elon Musk just made at fellow social media giant Twitter.

From The Wall Street Journal:

A spokesman for Meta declined to comment, referring to Chief Executive Mark Zuckerberg’s recent statement that the company would “focus our investments on a small number of high priority growth areas.”

“So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” he said on the company’s third-quarter earnings call on Oct. 26. “In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”

The Wall Street Journal reported in September that Meta was planning to cut expenses by at least 10% in the coming months, in part through staff reductions.

The cuts expected to be announced this week follow several months of more targeted staffing reductions in which employees were managed out or saw their roles eliminated.

“Realistically, there are probably a bunch of people at the company who shouldn’t be here,” Mr. Zuckerberg told employees at a companywide meeting at the end of June.

As previously reported, Facebook parent company Meta has lost $677 Billion dollars this year, knocking it out of the world’s Top 20 stocks; Meta was the sixth biggest US company by market capitalization at the start of the year.

“Meta remains too aggressive with its investments in long-term initiatives despite a sharp deceleration in expected revenue growth,” said Mandeep Singh, an analyst at Bloomberg Intelligence. “The company’s opex and capex view for 2023 is surprising, given the lack of traction so far with its metaverse efforts.”

Should the GOP take control of the House, Senate, or both after midterms, new Committee heads are expected to investigate Facebook’s relationship with the FBI and the censoring of Americans online.

Tough times for Zuck and Co.

More over at The Wall Street Journal:

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