Meta expected to lay off thousands as tech job cuts mount
The Facebook parent company is reported to be laying off workers this week following declines in advertising revenue.
Meta, the company previously known as Facebook, and the parent company of WhatsApp and Instagram, is expected to become the latest tech company to cull its workforce.
The company is reported to be preparing for large-scale cuts of its workforce across the world.
A spokesperson declined to comment directly on the reports but pointed to a recent statement from Facebook chief executive, Mark Zuckerberg in which he discussed the prospect of layoffs.Following the announcement last month that third quarter revenue at Meta fell below guidance to £23.83bn, and a drop in share price of 61.6% since the year began, Mr Zuckerberg said some teams will grow "meaningfully" but "other teams will stay flat or shrink over the next year".
"In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today."
The third quarter results also showed Meta's advertising revenue was forecast to be depressed to the tune of $10bn after a hiring freeze had already been implemented.
Meta has already begun restructuring of its content moderation team at its European headquarters. Contracted staff working on quality control and enforcement in Dublin were reportedly told their roles were no longer required from October as the company advanced plans to move roles to different regions.
