Current Events > Cuckerberg very "humbled" by 4% loss in revenue; lays off 10k workers

(+) Yeah! (+)

https://www.bbc.com/news/technology-64954124.amp

Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut 10,000 jobs.
It will be the second wave of mass redundancies from the tech giant, which laid off 11,000 employees last November.
Meta chief executive Mark Zuckerberg said the cuts - part of a "year of efficiency" - would be "tough".
In addition to the 10,000 jobs cut, 5,000 vacancies at the firm will be left unfilled, he told staff.
In a memo, Mr Zuckerberg told employees he believed the company had suffered "a humbling wake-up call" in 2022 when it experienced a dramatic slowdown in revenue.
Meta previously announced that in the three months to December 2022, earnings were down 4% year-on-year - though it still managed to make a profit of more than $23bn over the course of 2022.
Mr Zuckerberg cited higher interest rates in the US, global geopolitical instability and increased regulation as some of the factors affecting Meta, and contributing to the slowdown.
"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," he said.
The latest job cuts come as companies, including Google and Amazon, have been grappling with how to balance cost-cutting measures with the need to remain competitive.
At the start of this year, Amazon announced it planned to close more than 18,000 jobs because of "the uncertain economy" and rapid hiring during the pandemic, while Google's parent company Alphabet made 12,000 cuts.
According to layoffs.fyi, which tracks job losses in the tech sector, there have been more than 128,000 job cuts in the tech industry so far in 2023.

Ohh but that Meta Quest 3 headset gunna be hot as hell thooooooooo. Fucking bot.

He is an evil fucking piece of trash

You don't need fb or ig. Just stop.

i mean if these are redundant positions then what's the point of having people occupy them

What a fucking joke

Wow 10k people fucked because of 4%? And they still profited 23 fucking billion?

That guys cold

Master_Kazuya posted...

Wow 10k people fucked because of 4%? And they still profited 23 fucking billion?

That guys cold

Its not just his appearance that makes people call him a robot.

Nobody uses Facebook anymore outside of old people. The revenue will get even lower because of that.
Im also convinced the only reason instagram is still around is because of women that have nothing but bra and panties.

you never see these soulless trash CEOs include themselves in layoffs

kage_53 posted...

Nobody uses Facebook anymore outside of old people. The revenue will get even lower because of that.
Im also convinced the only reason instagram is still around is because of women that have nothing but bra and panties.

As a millennial, what are the social media platforms youngins are using these days besides TikTok?

[LFAQs-redacted-quote]

Yea, idk what else people were expecting. The tech boon of the last decade is over. And worthless tech positions of employees paid 6 figures for redundant ad hoc are over.

Kloe_Rinz posted...

you never see these soulless trash CEOs include themselves in layoffs

This and they dont even take pay cuts. They just let people go that didnt have anything to do with the losses

I am super humbled. This is a life lesson I will never forget. Let us grow as people!

Your fired.

Kloe_Rinz posted...

you never see these soulless trash CEOs include themselves in layoffs

Of course not. But if they do get ousted from a company they usually have a golden parachute in place worth $20 million or more.

uh oh, are the moms and grandmas taking over instagram too now?

St0rmFury posted...

As a millennial, what are the social media platforms youngins are using these days besides TikTok?

According to my middle school kid, Instagram, Snapchat and tiktok. Tiktok was #1, but now Snapchat is the top one.

I dont think any kid uses Facebook.

I wonder how many total employees they had

though it still managed to make a profit of more than $23bn over the course of 2022.

Am I just naive or like, how does this happen and yet working people lose their jobs? Where does that profit go? People get an extra 50 cents per share for their dividend?

Kaiganeer posted...

i mean if these are redundant positions then what's the point of having people occupy them

1. It creates a safety net for the company in the event of a crisis
2. A company will never admit to laying off essential employees even though it happens all the time
3. Executives are incentivized to punish the workforce through layoffs to boost profits while never taking accountability themselves