The layoffs could begin this week and affect thousands of employees.
The job cuts could start this week and represent an additional round of layoffs, adding to the 13% of Meta workers who were laid off as part of a major cost-cutting planMeta CEO Mark Zuckerberg has previously indicated that the social networking giant would be concentrating this year on efforts intended to lower the company's costs, pitching 2023 as the ".
The cost-cutting efforts come at a challenging time for the consumer technology company, which said its cost and expenses jumped 22% year-over-year toMeta's core online advertising business continues facing hurdles because of factors including a, the lingering effects of Apple's 2021 iOS privacy update and increased competition from the ByteDance-owned TikTok.
Meanwhile, the company continues to heavily invest in developing the metaverse, which Meta believes could represent the next frontier for mainstream computing. The company's Reality Labs division, which is tasked with building the virtual reality and augmented reality technologies needed for the metaverse, brought in $727 million in revenue during the fourth quarter, but also recorded a
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