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Bad News For Meta/Facebook |
We say it a lot, but tech stocks have been absolutely beaten down. Netflix’s recent earnings were indeed nice to see, but poor performance among other tech giants weighed them down. Of course, all of these earnings come in the wake of tech sector job cut announcements. Apple, Amazon, and Google have all slowed hiring or even stopped outright. Salesforce, another tech giant, recently said it laid off hundreds of sales employees. Today, Redfin also announced a 13% staff cut. Even Twitter shrunk its workforce. Elon Musk fired nearly half of Twitter’s employees. And now, there’s Meta Platforms, aka Facebook. Facebook’s down a massive 71% this year, with more bad news today. This morning, Facebook announced it would cut over 11,000 employees. This is one of 2022’s largest mass layoffs… |
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What’s more:
It’s Facebook’s first mass layoff in its 18-year lifespan.
"Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected," said CEO Mark Zuckerberg in a statement to his employees.
Additionally, Facebook is extending its hiring freeze through the end of Q1 2023.
This sharply reverses the past two years’ hiring activities. Like other tech firms, Meta took full advantage of the pandemic remote work explosion when hiring.
Their workforce ballooned to 87,000 by September this year — meaning Facebook’s cutting nearly 13% of its workforce.
This shouldn’t come as a huge surprise. Zuckerberg warned in September that Facebook might have to make some major changes as his company’s 18-year boom ends. |
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“For the first 18 years of the company, we basically grew quickly basically every year,” Zuckerberg said to employees in September. “And then more recently our revenue has been flat to slightly down for the first time. So we have to adjust.”
I think these tech layoff trends could continue — the Fed doesn’t seem poised to slow rate hikes anytime soon.
Aside from reorganizing teams, Facebook also plans to slash its expenses in various ways.
The company is looking to shrink its real estate assets, change up employee work arrangements, and more.
And yet, Mr. Zuckerberg seems dead-set on pouring billions into his Metaverse project.
"This is going to create a lot of value for a lot of companies up and down the stack,” Zuckerberg recently said about the Metaverse.
This hasn’t brought the results investors were hoping for. And to me, it seems like a slap in the face to Facebook employees losing their jobs. |
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