Mar 15, Kathmandu: Meta, the company behind Facebook, Instagram, and WhatsApp, is going to cut 10,000 employees.
This is the second time Meta is going to cut staff within 5 months. Last November, he laid off 11,000 workers. Meta CEO Mark Zuckerberg said in a notice sent to employees that the company’s revenue had declined in 2022 and the situation was worse now that he had to take this decision.
He said that Meta’s earnings have come down due to increased interest rates in the US, global geopolitical instability, etc. Zuckerberg said, “We have to make the necessary preparations considering the possibility of this economic situation continuing for a long time.”
Meta’s competing companies like Google, Amazon, etc. have started reducing their workforce to cut costs to compete. Amazon cut 18,000 jobs earlier this year, while Google’s parent company Alphabet cut 12,000 jobs.
According to a study, 128,000 people have lost their jobs in in the last two and a half months in companies around the world working in the field of information technology.