There are reports that Facebook's parent company Meta is gearing up for massive job cuts. As per the report from US major media house, thousands of employees may be lose their jobs. In this reagrd, Meta may make an announcement on November 9.
Meta currently employs 87,000 people worldwide. Meta results were not as per expectations and the share value fell on the result day Meta's profit fell 52 percent to $4.4 billion in the third quarter of this year. CEO Mark Zuckerberg said that the number of employees will not be increased until 2023. He said that in order to reduce the financial pressures, like other tech companies in the industry, hiring can be reduced or the number of employees can be reduced.
It is known that Elon Musk has laid off more than 3,000 employees soon after he bacem the CEO of Twitter. On the other hand, Amazon said that it has stopped new recruitments in the corporate office.
Increasing inflation and increase in interest rates by the Federal reserve are having a negative impact on the commercial advertisement revenues of companies like Facebook and Google.
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