“It Will Be Tough But There Was No Way Out”, Mark Zuckerberg On Meta Layoffs

World"It Will Be Tough But There Was No Way Out", Mark Zuckerberg...
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The company reported lower profits in the fourth quarter due to a decline in the online advertising market and competition from rivals such as Tiktok.

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Facebook’s parent company Meta is preparing to lay off 10,000 of its employees. Along with this, the company will not even make appointments to 5,000 vacant posts. Zuckerberg said it would be difficult, but there was no way to avoid it. This lay off will mean saying goodbye to the talented and passionate associates who have been a part of our success.
Let us tell that the company has invested several billion dollars to focus on the metaverse. The company reported lower profit and revenue in the fourth quarter, affected by a decline in the online advertising market and competition from rivals such as TikTok. Earlier, the company had announced to eliminate 11,000 jobs in November.

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Let us tell that at the end of the year 2022 and beginning of 2023, lay offs are being done by many big companies all over the world. Technology company Google had decided to lay off 12,000 employees worldwide. Microsoft also laid off thousands of employees. At the same time, the news of retrenchment was revealed in other companies including Twitter.

Significantly, Zuckerberg’s company is under pressure to make a big bet on the metaverse. Insider Intelligence analyst Jasmine Enberg said Zuckerberg promised investors that 2023 would be the year of efficiency for Meta and they needed to deliver on that. Also he added that Meta knows it needs to tone down its far reaching and expensive Metaverse ambitions

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