Meta Kicks Off Another Round of Layoffs

Meta Kicks Off Another Round of Layoffs

Meta Kicks Off Another Round of Layoffs
Meta Kicks Off Another Round of Layoffs
Retail Bum

Retail Bum

Retail Bum

Retail Bum

Share

Meta has initiated a fresh round of layoffs, this time eliminating workers engaged in technical roles.

While the company has not disclosed the exact number of impacted employees, the cuts are expected to affect some 4,000 jobs.

The latest round of layoffs, which are part of the 11,000 jobs CEO Mark Zuckerberg announced in a post on March 14, 2023, are impacting roles such as content designers, data scientists, gameplay programmers, senior engineering managers, user experience researchers, and technical program managers.

Meta plans to lay off even more employees in May, primarily from the company’s business groups.

The job cuts are part of Zuckerberg’s effort to recoup the billions of dollars the company has lost in the metaverse and offset the loss in advertising revenue.

While the company is continuing to invest in the metaverse, spending nearly $1 billion per month on developing Zuckerberg’s vision, recent efforts that have focused on cutting jobs and flattening the organizational structure have been applauded by Wall Street.

Meta’s stock has so far soared by 81% in 2023 after losing two-thirds of its value last year.

The increase in stock value has come despite three consecutive quarters of revenue losses. According to NBC, analysts expect the company to report another quarterly sales drop in its Q1 earnings report next week.

In February, Zuckerberg said 2023 would be a “year of efficiency.”

MUST READS
Canada Goose Plans to Open Three New Stores in the US

Canada Goose Plans To Open Three New Stores in the US

Luxury apparel brand Canada Goose is set to expand its physical presence by opening three new permanent stores across the United States in the coming weeks. The parka maker opened its second store in Las Vegas at the Shops at Crystals on May 26, 2023.

Abercrombie & Fitch Shares Jump 30 Percent on Upbeat Earnings Report

Abercrombie & Fitch Shares Jump 30 Percent on Upbeat Earnings Report

Abercrombie & Fitch saw its shares surge 30% after the brand posted a surprise profit and raised its guidance. “Abercrombie’s offering is resonating meaningfully with our target customer, setting several other sales records this quarter across genders, categories and geographies,” Chief Executive Officer Fran Horowitz

Gap Surprises with Profitability

Gap’s Stock Jumps on Surprise Q1 Profit

Apparel retailer Gap pleasantly surprised investors by announcing an unexpected profit for the first quarter, leading to a 16% surge in its shares during extended trading. The company attributed this positive outcome to its ongoing restructuring initiatives and efforts to alleviate supply chain costs. Lower

No more posts to show, explore other topics: