Meta is planning large-scale job cuts this week according to a Wall Street Journal report
Meta declined to comment on the WSJ report.
In October Meta forecasted a weak fourth quarter and significantly more costs next year wiping about $67 billion off Meta's stock market value, adding to the more than half a trillion dollars in value already lost this year. Chief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit."In 2023, we're going to focus our investments on a small number of high priority growth areas," Zuckerberg said on the last earnings call in late October.
The social media company had in June cut plans to hire engineers by at least 30%, with Zuckerberg warning employees to brace for an economic downturn.
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