Global job losses continue. Metta, the parent company of Facebook, Instagram and WhatsApp, will lay off more workers. There are reports that thousands of people will lose their jobs. Those in non-engineering categories will have to face job loss the most. Behind this is the decision of the CEO of the company, Mark Zuckerberg, to give importance to technology instead of human resources. It is estimated that the use of technology will increase in the fields of lawyers, economists and top executives.
Last year, Meta laid off 11,000 of its employees in November 2022. This is 13% of the total employees of the company. An increase in the number of workers and macroeconomic conditions were cited as the reasons for the layoffs. Also Read: Tech job losses are widespread; Twitter followed Google by closing three offices in India There are indications that similar reasons are behind the current layoff decision. It is believed that the objective of reducing the cost in the case of decreasing income is also behind the new decision. Meta’s revenue for the fourth quarter of 2022 is US$32.17 billion. In the year 2022 it will be 116.61 billion US dollars. The company says this is a decline of 4% quarter-on-quarter and 1% YoY.
There are reports that Meta is also planning to cut some new projects. This is part of the goal of gradually bringing down the total cost. The layoffs come within days of announcing that employees will be rated based on performance reviews. It is believed to be part of a move to get rid of workers. Zuckerberg said this was the beginning of steps to improve the company’s performance after the last layoffs.
Also Read: Google to lay off 453 employees in India The company is also looking for other revenue streams to increase revenue. One such move is Meta Verified Subscription with new features and Verified Blue Badge. Subscription rates are $1.99 (approx. Rs. 990) for one month on the web, and $14.99 (approx. Rs. 1240) for one month on iPhone. Currently this facility is available only in Australia and New Zealand.
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