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Facebook group Meta is also said to be planning mass layoffs

Facebook group Meta is also said to be planning mass layoffs

The “Wall Street Journal” reported on Sunday, citing insiders, that “many thousands” of employees could be affected by the job cuts. There may already be an official announcement from the group on Wednesday. Meta, which includes not only the online network Facebook but also the photo service Instagram and the messenger service WhatsApp, has around 87,000 employees worldwide. The group had recorded a slump in profits and a drop in sales in the third quarter. Revenue fell to $27.7 billion from $29 billion and profit halved to $4.4 billion.

CEO Mark Zuckerberg nevertheless spread optimism when presenting the quarterly figures at the end of October. Meta can “master the current environment and emerge as an even stronger company,” he said. Like other large Internet companies whose sales are based primarily on advertising revenue, Meta is currently suffering from advertisers cutting their marketing budgets in the gloomy economic climate.

Just last week, shortly after taking over the short message service Twitter, Elon Musk laid off half of his workforce.

Source: Nachrichten

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