By
Chimamanda U. Martha
April 12th, 2024
Meta Platforms have been spending billions of dollars to get its metaverse initiative on a very good footing, and this year marks one of the critical periods that will redefine the direction of the entire pursuits.
American multinational tech giant Meta Platforms Inc (NASDAQ: META) is set to implement a new round of layoffs as an effort to cut costs and prioritize its business restructuring. As reported by Vox, the layoffs are expected to commence on Wednesday, citing several internal sources at the company.
Meta Platforms Inc remains one of the most celebrated tech giants in the world, however, the negative turn of the global economy has pushed the firm to cut back its excess workforce, beginning with its axing of 11,000 employees back in November last year.
The teaming layoffs are consistent with the earlier claims from Mark Zuckerberg, the co-founder and Chief Executive Officer of the company who noted that the firm is determined to focus on key priorities, dubbing 2023 as its “year of efficiency.” As detailed, some of the layoffs will be focused on low-priority jobs and according to the insights, as many as 4,000 jobs are bound to be cut.
The tech department is most likely to be affected this time around, although other departments including the business segment is also billed to see an additional cut in employee numbers moving forward.
“This will be a difficult time as we say goodbye to friends and colleagues who have contributed so much to Meta,” Lori Goler, Meta’s head of people, said in the memo.
According to Goler, the affected employees will be informed today between 4 am to 5 am PT. This time according to the Vox report might change from one country to the other. It was confirmed that it is not every nation where Facebook is in operation that will be impacted by the latest round of layoffs.
The reduction in the headcount is considered necessary for the firm at a time when the tech sector is taking a beating on earnings.
Meta Platforms Layoffs and the Metaverse Focus
Despite the reality in the job cut that is planned for Meta Platforms employees, those working in the company’s metaverse initiative may not lose their jobs for now. This is because the company is doubling down on the rollout of products and services to market its innovation to its teaming customers.
Meta Platforms have been spending billions of dollars to get its metaverse initiative on a very good footing, and this year marks one of the critical periods that will redefine the direction of the entire pursuits.
Meta has printed a huge loss on its metaverse endeavor for the 2022 financial year and it might utilize its human resources to bring a positive turn to this section of its business. With the proposed product push, Meta is seeking to grow its total monthly users for the Horizon Worlds from the fairly above 200,000 it recorded last year.