Facebook's parent company Meta is reportedly planning to begin large-scale lay-offs this week that will affect thousands of employees.

US media reported at the weekend that the job cuts could be announced as early as Wednesday.

During Meta's disappointing third quarter results, chief executive Mark Zuckerberg said staffing might fall.

"In 2023, we're going to focus our investments on a small number of high-priority growth areas," he said.

Meta has about 87,000 employees worldwide across its different platforms, which include Facebook, Instagram and WhatsApp.

The plans for job cuts follow difficulties across the tech sector as the industry contends with slowing global economic growth.

Mr Zuckerberg said he expected some teams to "stay flat or shrink" over the next year.

"In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today," he said.

Ad-supported platforms such as Facebook and Alphabet's Google are suffering from advertisers' budget cuts as they struggle with inflation and rising interest rates.

Last Thursday, Silicon Valley firms Stripe and Lyft announced large-scale lay-offs, while Amazon said it would freeze hiring in its corporate offices.

Twitter, since being acquired by Elon Musk, released about half of its 7,500 employees last week.

Not only is the global economic situation an issue for Meta, but there is also competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.

Mr Zuckerberg has said he expects the metaverse investments to take about a decade to yield positive results.

In the meantime, he says he has to reorganise teams to trim costs.

The social media company in June cut plans to hire engineers by at least 30%, with Mr Zuckerberg warning employees to brace for an economic downturn.

Meta's shareholder Altimeter Capital Management had previously said, in an open letter to Mr Zuckerberg, that the company needs to streamline by cutting jobs and capital expenditure. It added that Meta has lost investor confidence as it ramped up spending and started focusing on the metaverse.

The company's market value over the past year is down to $600bn (£524bn).

PrinceOfLagos:
What's really happening this days

Job cuts everywhere

Chei

PrinceOfLagos:
What's really happening this days

Job cuts everywhere

Chei

budaatum:


That's the effect of the Fed's Quantitative Easing, where fake money inflated asset prices.

Now the Fed is Quantitative Tightening, as in removing it's fake money by selling the assets it bought, and prices are dropping.

That dip will dip a lot further so long as inflation continues to be fought, so expect to lose money if you buy the dip now.

This shows how far the Fed has dipped and how much further they got to dip.

PrinceOfLagos:
What's really happening this days

Job cuts everywhere

Chei

lhordspy:
Lol.

When we tell zombidients these are problems affecting every countries and everybody in the world.


They would come running, screaming and wailing.

Is this also Buhari's fault?

BABANGBALI:
Nairaland moderators would be next. Seun wants to save cost and prepare for his wedding that is coming up soon.

Please kind suggest the names of moderators you'll like him to drop