Meta Set to Slash Thousands of Jobs in Fresh Round of Layoffs Amidst Challenging Times

Facebook’s parent company, Meta, is reportedly planning to reduce its workforce by slashing thousands of jobs in the upcoming days, according to a report by Bloomberg. The move comes after a challenging 2022, which saw the social media giant cut 11,000 jobs and experience a decline in revenue and daily active users on Facebook.

Meta Set to Slash Thousands of Jobs in Fresh Round of Layoffs

In a February statement, Meta CEO Mark Zuckerberg emphasized the company’s commitment to efficiency in 2023 as it focuses on developing the metaverse and artificial intelligence. The recent job cuts are partly due to economic uncertainty, as advertisers reduce their spending.

During the pandemic, more people resorted to internet commerce and social media, which led Meta to boost its hiring efforts. However, the company faced obstacles from the recession and growing competition from other social media sites, such as TikTok. Meanwhile, Meta has made substantial investments in the construction of the Metaverse, a virtual world where users can work, play, and interact. This includes the introduction of a new $1,500 virtual reality (VR) headset.

Meta is also increasing its usage of artificial intelligence systems such as ChatGPT to suggest videos and posts to Facebook and Instagram users. The company remains committed to creating innovative goods and services that enhance the user experience despite obstacles.

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