In the past couple of months, Twitter, Netflix, Niantic, T-Mobile, Verizon, and others have needed to lay off a bunch of their staff in order to curtail spending. Well, we can add Meta to this list, as it’s the next company to cut staff to cut costs.
It hasn’t been a good couple of years for the tech industry, as we’re still in the midst of the Coronavirus pandemic, this debilitating chip shortage, and the struggling global economy. Because of this, many people working at major tech companies are losing their jobs. Some companies needed to cut less than 100 people while some companies are rumored to have cut more than 1,000.
Meta had to cut a fair number of staff members
Meta has been dealing with slowed growth for a bit. The company’s CEO Mark Zuckerberg stated in July that it would need to make some changes to reduce losses. Now, according to The Wall Street Journal (via Engadget), we’re getting the news that Meta plans on cutting costs by 10% over the next couple of months. The company plans on doing this through several means, and one of them will be through cutting staff positions.
At the moment, Meta hasn’t stated just how many staff members will be cut. Since we’re talking about such a large company, we can expect a pretty high number.
While Meta is cutting staff positions, we can’t say that it’s laying them off per se. The company is cutting positions, and some of the people affected by this will be given some time to reapply for other positions within the company. We don’t know how many of the affected employees will be able to reapply for new positions.
While this seems bad, it could get worse. These cuts might precede even more cuts that could happen down the road. Right now, things are uncertain in the tech industry. We’re in a perfect storm of economic turmoil, and it’s hard to say what will happen next. Before things get better, we can expect more stories like these.