Meta Prepares Large-Scale Layoffs as Metaverse Interest Cools Off
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Facebook parent company Meta is planning to shed a large portion lot of staff beginning this week. It’s the latest tech giant to lay off employees, following Twitter last week. Meta added more than 27,000 employees in 2020 and 2021 combined. Now that some semblance of normality is returning.
On Nov. 6, the WSJ cited people familiar with the matter, reporting several thousand employees could be affected. Meta is expected to make an official announcement this week, it added. The earnings report came as a sting for Meta. It reported a painful 52% drop in net income, to $4.4 billion from $9.2 billion last year. Expenses soared, especially for its Metaverse division, Reality Labs. The firm’s virtual and augmented reality projects posted a $3.7 billion operating loss for the period.
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