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HomeTechnologyMeta Plans For Huge Layoffs In Its Metaverse Division: Report

Meta Plans For Huge Layoffs In Its Metaverse Division: Report

With rising inflation and the worsening supply crisis, multiple companies are planning to lay off employees in the near future. It has been said that the social networking and technology giant Meta is getting ready for “large-scale layoffs” this week. This is because its costs have gone up and its share price has gone down recently.

According to a report in the Wall Street Journal (WSJ) on November 6 that quoted people who knew about the situation, the proposed layoffs could affect thousands of Meta’s 87,000 employees in many different departments.

At the moment, it is not clear if the company’s Reality Labs subsidiary, which lost $3.7 billion during the company’s third fiscal quarter, will have to lay off workers.

Mark Zuckerberg announces the company’s investment strategy:

Mark Zuckerberg, the CEO of Meta, announced a week ago that the company would be concentrating its investment efforts on “a small number of high-priority growth areas.” These areas include the Metaverse, as well as the company’s Artificial Intelligence (AI) Discovery Engine, its advertisement platform, and its business messaging platform.

During the earnings call, the billionaire entrepreneur gave the impression that he was increasing the company’s commitment to its investments in these fields by saying that he thinks the company is “on the right track with these investments” and that it should “keep investing heavily in these areas.”

The firm’s list of job openings reveals that 38 of its 413 positions are connected to augmented reality and virtual reality. Despite this, the company seems to be aggressively recruiting for its metaverse section. This news comes less than a week after Meta announced its profits for the third quarter, which did not meet forecasts for sales and experienced an increase in its operating expenses. According to Yahoo Finance, the price of a share of Meta stock is now $90.79, which is a decrease of 7.56% over the course of the last five days and 73.19% year-on-year.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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