The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.
]]>Back in November, the company laid off 11,000 workers in what has been the first massive layoff for the company since its inception. Meta executives reportedly wanted to create a “more efficient organization” and didn’t hesitate to get rid of entire teams if they deemed them non-essential.
These previous layoffs are considered to be a part of the “flattening” process, which usually includes reducing the number of management levels. The new round of layoffs, on the other hand, is believed to be driven by financial targets.
Meta has seen a drop in advertisement revenue lately, causing the company to find ways to cut costs and find additional sources of revenue. As part of these efforts, it will introduce a service called Meta Verified, which will allow users to get account verification badges and additional perks for a monthly fee.
After suffering a significant decline last year, Meta stock experienced a significant surge to start 2023. The company’s shares are currently at $184.90, almost 50% up year-to-date.
The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.
]]>The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.
]]>Back in November, the company laid off 11,000 workers in what has been the first massive layoff for the company since its inception. Meta executives reportedly wanted to create a “more efficient organization” and didn’t hesitate to get rid of entire teams if they deemed them non-essential.
These previous layoffs are considered to be a part of the “flattening” process, which usually includes reducing the number of management levels. The new round of layoffs, on the other hand, is believed to be driven by financial targets.
Meta has seen a drop in advertisement revenue lately, causing the company to find ways to cut costs and find additional sources of revenue. As part of these efforts, it will introduce a service called Meta Verified, which will allow users to get account verification badges and additional perks for a monthly fee.
After suffering a significant decline last year, Meta stock experienced a significant surge to start 2023. The company’s shares are currently at $184.90, almost 50% up year-to-date.
The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.
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