According to sources with direct knowledge of the situation, Meta intends to lay off thousands of employees in the second week of November
With over 87,000 employees, Meta’s layoffs could be among the largest workforce reductions at a significant internet corporation.
These layoffs occurred two months after Meta implemented its job freeze in September. According to the corporation, layoffs would enable a 10% cost reduction.
Meta is not the only corporation to decrease its workforce. Bitmex, Dapper Labs, and Mythical Games all laid off employees during the first week of November. Due to the adverse business environment, other IT organizations have decreased their workforces.
After doubling down on its metaverse effort since October 2021, Meta has struggled to see success with its metaverse-focused business model. Reality Labs, the metaverse division of Meta, lost $3.7 billion in the third quarter of this year, bringing its year-to-date loss to $9.4 billion.
Additionally, the business hasn’t reached its flagship Horizon Worlds project’s user count ambitions.
