Recently, many companies have been laying off employees. Snapchat laid off 20% of its workforce last August. Twitter did the same. That is, Elon Musk, the richest man in the world, is making various changes after buying Twitter.
As part of this, Twitter announced on the 5th that it was laying off 50% of its employees worldwide. Due to this, the people working in that company were shocked. In this case, Meta, the parent company of Facebook, is also going to reduce employees.
Accordingly, the company has announced that it will lay off more than 11,000 employees. Mark Zuckerberg, CEO of Meta, has given an explanation for this. In it, ‘I expected the increase in Internet business and Internet usage that occurred at the beginning of the Corona pandemic to be permanent.
But the massive economic downturn, increased competition and advertising revenue resulted in lower-than-expected revenue. I know that layoffs can be very difficult for everyone. My condolences to those affected by the layoffs.
“I take responsibility for the reason why it was necessary to take such action and for the dismissal.” The employees of ‘Metta’ have been shocked by this. However, it is reported that the global impact of this announcement will not have a major impact on ‘Meta India’.
Regarding this, some employees of ‘Meta India’ said, “Last December, ‘Meta India’ opened its first stand-alone office in Gurugram. Around 400 people are working in engineering, manufacturing, sales and external communication departments. The impact of this global announcement on ‘Meta India’ “Wouldn’t be very important. More details on this will be available only in the next week.”
Some analysts said, “Meta’s revenue fell 4% to $27.7 billion in the July-September 2022 quarter, and global net income fell 52% to $4.4 billion. The company spent more during the period, which was up 19% year-over-year. Also, due to the curfew announced during the Corona period, the people were stuck at home, thus the number of users of social networking sites was high.
At that time social media companies including ‘Meta’ got more revenue. But the lockdown has ended and people have gone back to their regular routines. And ‘Meta’, ‘Apple’ brought a new policy change to limit digital ads for companies like Facebook. Due to such reasons, ‘Metta’ company has suffered a loss of revenue. This is the reason why we have announced more than 11,000 layoffs,” he said.