Its profits dropped 52 percent year-over-year to $4.4 billion in the third quarter.<\/p>\n\n\n\n
Several thousand employees will be laid off this week by Meta, the parent company of <\/strong>Facebook, as The<\/strong> Wall Street Journal reports, citing people familiar with the matter.<\/strong><\/p>\n\n\n\n Thousands of Meta employees could lose their jobs, and an announcement is expected as soon as Wednesday.<\/p>\n\n\n\n On September 30, Meta had approximately 87,000 employees worldwide across its platforms, which include Facebook, Instagram, and Whatsapp.<\/p>\n\n\n\n Following four years at the helm, Meta Platforms India head Ajit Mohan resigned with immediate effect to pursue opportunities outside the company. Snap Inc. reportedly hired him.<\/p>\n\n\n\n According to Zuckerberg, Meta’s staff might decrease slightly by the end of 2023 in light of the firm’s disappointing third quarter results.<\/p>\n\n\n\n In response to economic headwinds, other tech firms have frozen hiring or cut their workforces.<\/p>\n\n\n\n Amazon has froze hiring in its corporate offices after Silicon Valley firms Stripe and Lyft announced large-scale layoffs last Thursday.<\/p>\n\n\n\n After being acquired by Elon Musk last week, Twitter abruptly laid off half of its 7,500 employees.<\/p>\n\n\n\n With inflation and rising interest rates, ad-supported platforms such as Facebook and Alphabet’s Google are experiencing budget cuts from advertisers.<\/p>\n\n\n\n In the third quarter, Meta’s profits fell 52 percent to $4.4 billion, a 52 percent decline.<\/p>\n\n\n\n As a result of the disappointing results, Meta’s stock price dropped 25 percent in one day.<\/p>\n\n\n\n Over the past year, the company has lost $600 billion in market value.<\/p>\n\n\n\n Investors have been concerned about Zuckerberg’s decision to devote substantial funds toward developing the metaverse, in addition to its ad-supported business woes. <\/p>\n","protected":false},"excerpt":{"rendered":" Its profits dropped 52 percent year-over-year to $4.4 billion in the third quarter. Several thousand employees will be laid off this week by […]<\/p>\n","protected":false},"author":1,"featured_media":88514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,6,99,3],"tags":[],"class_list":["post-88513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-international-news","category-technology","category-top-stories"],"_links":{"self":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/comments?post=88513"}],"version-history":[{"count":1,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88513\/revisions"}],"predecessor-version":[{"id":88515,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88513\/revisions\/88515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/media\/88514"}],"wp:attachment":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/media?parent=88513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/categories?post=88513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/tags?post=88513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}