According to a newspaper report, Facebook’s parent company Meta plans to lay off thousands of people. The US newspaper “Wall Street Journal” reported on Sunday, citing insiders, that “thousands” of employees could be affected by the layoffs. An official statement could come from the group on Wednesday.
Meta, which includes not only the online network Facebook, but also the photo service Instagram and messaging service WhatsApp, has around 87,000 employees worldwide. The group recorded a decline in profits and a decline in sales in the third quarter. Revenue fell from $29 billion to $27.7 billion, and profits fell in half to $4.4 billion.
CEO Mark Zuckerberg nevertheless radiates optimism as he presents the quarterly figures at the end of October. Meta “could master the current environment and emerge as an even stronger company,” he explained. Like other large Internet companies whose sales rely primarily on advertising revenue, Meta currently suffers from advertisers cutting their marketing budgets in the bleak economic climate. (AFP)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
