Meta is planning massive job cuts in the company. Almost 30% of all employees are to be laid off.
30% of all employees to be laid off; Image: New York Post
Meta needs to cut costs. Despite a net profit of $4.395 billion, the company wants to cut costs in order to return to growth. Three out of ten employees are therefore to be laid off. According to The Wall Street Journal, Meta is already preparing to inform its employees.
The following reasons play a role for Meta, why the group has to cut jobs:
High costs for the metaverse
Less advertising revenue
Competition like TikTok and YouTube
Apple's privacy policy
Fear for regulatory warnings from governments
