- Technical employees face layoffs as Meta tightens the belt
- Anonymous insiders reveal the extent of the job cuts
- Wall Street applauds Meta's downsizing strategy
Dude, so Meta's going through some major changes, right? Like, they're kicking off a round of layoffs that's hitting their tech-savvy peeps pretty hard. It's a bummer, but we've got people from all sorts of roles, from software engineering to user experience, getting the boot. And yeah, Meta's confirmed that this is the real deal.
This inside scoop from an anonymous source says that even product-facing teams aren't safe, and business peeps like finance, legal, and HR are getting the axe next month. So if you're part of Meta's tech crew and you've survived so far, don't celebrate just yet - you might be on the chopping block come May.
Seems like some gameplay programmers - the peeps who make those dope virtual and augmented reality products - are getting caught in the crossfire too. Browsing LinkedIn, we can see a Facebook business program manager lamenting their newfound unemployment. Tough break, man.
So why the cutbacks? Well, Meta's ad revenue took a nosedive last year, and its stock price wasn't doing too hot either. CEO Mark Zuckerberg decided it was time to tighten the belt, so he announced a hefty round of layoffs. With 11,000 workers already gone and another 10,000 on the way out, that's a whole lot of restructuring. Zuck's dubbed 2023 the "year of efficiency" - let's hope it pays off.
Wall Street's digging the new approach, though. Meta's shares have skyrocketed, and even though their revenue's been dropping for a while, that might change soon. But don't forget, Meta's throwing a ton of cash into building the metaverse with their Reality Labs unit. It's a high-stakes gamble, and only time will tell if it's gonna pay off in a big way.
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