Meta has started its latest round of layoffs, focusing on technical employees
Publishing timestamp: 2023-04-19 13:10:27
Summary
Meta has started laying off employees in technical roles as part of their cost-cutting measures, impacting various teams including product-facing and tech teams. The company has already cut about 21,000 jobs in two rounds of layoffs, with more cuts planned for business-facing roles in May. Despite the layoffs, Meta's stock price has bounced back this year, but analysts are still projecting another quarterly sales drop. The company is also investing billions in developing technology for the metaverse, despite significant operating losses in that area.
Sentiment: NEGATIVE
Tickers: META,
Keywords: internet, labor economy, meta platforms inc, social media, mobile, business news, technology, mark zuckerberg, personnel, breaking news: technology,