The Tech Industry Reels: Meta Prepares for Thousands of More Cuts After Widespread Layoffs
Figure 1. Meta could cut thousands of jobs, after CEO predicted no more layoffs (Nix, 2023). Matt McClain/ The Washington Post. Retrieved from www.washingtonpost.com
The news of Meta planning thousands of more cuts after widespread layoffs has been making waves in the tech industry. The Facebook-owned company, which is a leader in virtual reality and augmented reality technologies, has been struggling to stay afloat amid the pandemic.
Meta had already laid off thousands of workers earlier this year, but now it appears that the company is planning to cut even more jobs. This news comes at a time when many other tech companies are also cutting back on staff due to the economic downturn caused by the pandemic.
It's unclear exactly how many more jobs will be cut by Meta, but reports suggest that it could be as many as 5,000. This would represent a significant reduction in Meta's workforce and could have a major impact on its ability to continue developing new products and services.
Figure 2. Meta planning thousands of more cuts after widespread layoffs, report says (Vanian, 2023). Retrieved from www.cnbc.com
The news of these additional layoffs has been met with mixed reactions from those in the tech industry. Some believe that it's necessary for Meta to make these cuts in order to remain competitive and ensure its long-term viability. Others worry that this could lead to further job losses across the industry and make it harder for people to find work.
No matter what your opinion is on this issue, one thing is clear: these layoffs are yet another sign of how difficult times are for tech companies right now. It remains to be seen how Meta will fare in the coming months and years, but one thing is certain: these layoffs will have an impact on both employees and customers alike.
Sources
https://www.cnbc.com/2023/03/07/meta-planning-thousands-of-more-cuts-after-widespread-layoffs.html
https://www.sfgate.com/tech/article/meta-allegedly-plans-second-layoff-round-17825230.php
https://www.bloomberg.com/news/articles/2023-03