Meta recently axed nearly 11,000 jobs in the company’s first moves to redress their VR overspend and put the anchors on their seemingly unbridled expansion into all things metaverse. Now it seems that nearly half of those jobs will be coming from relatively new technology teams said to be developing smart displays and smartwatches.
Meta executives have stated that the first mass layoff in the company’s 18-year history affected staff at every level and on every team, including those with high-performance ratings. Overall, 54% of those that had been laid off were in business positions and the rest were in technology roles. Human resources chief at Meta, Lori Goler said “Meta’s recruiting team was cut nearly in half”.
Could the worst be over?
Executives have stated that while another round of job losses is not to be expected, other large on-going overheads could see cuts. Chief executive officer Mark Zuckerberg has reiterated his apology about having to make cuts to the workforce, telling employees that he had failed to forecast Meta’s first drop off in revenue. Due to the surge in numbers over the pandemic numbers soared, however, these numbers naturally fell over time and rising costs elsewhere saw advertisers pulling back on social spending.
Meta isn’t the only social platform that is seeing change and mass layoffs, Twitter is also seeing various changes to its platform and staff being laid off as Elon Musk takes over, one of the recent job losses was that of Twitter’s gaming social lead.