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Meta layoffs will reportedly continue, and not just stop at the 11,000 employees that were fired last year. According to the Financial Times, Meta, Facebook's parent company, has delayed finalising budgets for numerous units as it prepares for another round of layoffs. Two individuals acquainted with the issue talked to the magazine and observed a need for more clarity regarding budgets and future numbers in recent weeks.
Meta Layoffs began With Firing 11,000 Employees
Earlier this month, Meta said that its 2023 costs are estimated to be between $89 billion and $95 billion, with CEO Mark Zuckerberg referring to the year as the "Year of Efficiency." If the allegation is correct, this round of Meta layoffs comes after the company slashed around 11,000 employees, or 13% of its staff, in November.
Thousands of Layoffs due to Current Economic Crisis
The corporation joins a growing number of tech behemoths such as Amazon, Google, and Microsoft in announcing thousands of layoffs due to the current economic crisis. Amazon also altered its job-cut forecasts from 10,000 to 18,000 earlier this year. Google began the year with one of its most extensive layoffs to date. The search engine giant announced the layoff of 12,000 employees throughout the globe.
Reason for Meta Layoffs is Rising Uncertainty in IT Sector
Employees and investors alike will be concerned about the budget delays and possible job cutbacks at Meta Platforms Inc. The corporation must tread carefully during this challenging moment to keep its spending under control and its bottom line intact. At the same time, the rising uncertainty in the IT sector instills fear of job loss in the workforce, which might spell doom even for tech behemoths.
Like other Big Tech businesses such as Amazon, Microsoft, and Google, the Instagram and WhatsApp owner reduced their personnel by 13% and emphasised the elimination of redundant levels of administration. According to the Financial Times, two unnamed Meta workers said there was uncertainty in setting team budgets owing to the number of staff remaining after the next wave of firings.