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Meta Preparing Thousands of Layoffs in Latest Tech Industry Retrenchment

Stock Markets Nov 06, 2022 17:26
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By Investing.com Staff

Facebook parent company, Meta Platforms (NASDAQ:META), is preparing to lay off thousands of workers this week, the Wall Street Journal reported Sunday citing people familiar with the matter. The announcement is expected as soon as Wednesday.

Meta will be just the latest in a string of technology companies to announce layoffs or hiring freezes in recent weeks as the industry prepares for a period of slowing sales.

Meta’s employee ranks have swelled to 87,000 as of September and this will be the first major layoffs in the company’s 18-year history.

Last week, Twitter announced it would cut up to 50% of its workforce following Elon Musk’s takeover of the company, Amazon (NASDAQ:AMZN) said it would freeze incremental new hiring, Lyft (NASDAQ:LYFT) said it would cut another 13% of its workforce in its second round of cuts, and Stripe said it would cut 14% of its workforce, among other industry cuts.

Meta declined to comment to the Journal about the cuts but referred to CEO Mark Zuckerberg’s re­cent state­ment that it would “fo­cus our in­vest­ments on a small num­ber of high pri­or­ity growth ar­eas.”

 
Meta Preparing Thousands of Layoffs in Latest Tech Industry Retrenchment
 

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