According to a report, Facebook parent company Meta plans to cut thousands of jobs. The US newspaper “Wall Street Journal” reported Sunday, citing insiders, that “many thousands” of workers could be affected by the job cuts.
An official announcement from the group may already be made on Wednesday.
Meta, to which in addition to the online network Facebook also the photo service Instagram and the courier service whatsapp has approximately 87,000 employees worldwide. The group had a slump in profit in the third quarter and recorded a decline in sales. Revenue fell from $29 billion to $27.7 billion and profits halved to $4.4 billion.
CEO Mark Zuckerberg nevertheless spread optimism when he presented the quarterly results at the end of October. Meta can “master the current environment and emerge as an even stronger company,” he explained. Like other major Internet companies, whose sales are primarily based on ad revenue, Meta is currently struggling with advertisers slashing their marketing budgets in the bleak economic climate.
(yam/sda/afp)
Source: Watson
I am Dawid Malan, a news reporter for 24 Instant News. I specialize in celebrity and entertainment news, writing stories that capture the attention of readers from all walks of life. My work has been featured in some of the world’s leading publications and I am passionate about delivering quality content to my readers.
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