Tag: Facebook layoffs

Big Tech Binged on Workers During Covid. Now, the Purge.
27Jan By adminNo Comments
Technology

Big Tech Binged on Workers During Covid. Now, the Purge.

[ad_1] The spate of layoffs is a reaction to a hiring wave during the pandemic that got out of hand. But will it be an overreaction? The layoff announcements coming lately from the chief executive officers of big technology companies all contain variations on the theme of “we hired too many people during the pandemic,” expressed with varying degrees of contrition. At one end of the spectrum are Seattleites Andy Jassy of Amazon.com Inc. and Satya Nadella of Microsoft Corp. Amazon's layoffs were simply an outgrowth of its annual review, Jassy wrote, although he did allow that “this year's review has been more difficult given the uncertain economy and that we've hired rapidly over the last several years.” Microsoft's Nadella opted for bland corporatespeak: “As we saw customers acceler...
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Microsoft to Cut Jobs as Layoffs Go Deeper Over Demand Slump Fears
18Jan By adminNo Comments
Technology

Microsoft to Cut Jobs as Layoffs Go Deeper Over Demand Slump Fears

[ad_1] Microsoft Corp. plans to cut jobs in a number of engineering divisions on Wednesday. Microsoft Corp. plans to cut jobs in a number of engineering divisions on Wednesday, according to a person familiar with the matter, joining the ranks of technology giants that are scaling back as the industry prepares for a prolonged slump in demand. The magnitude of the cuts couldn't be learned, but the person, who asked not to be identified discussing confidential matters, said the reduction will be significantly larger than other rounds at Microsoft in the past year. Those cuts impacted less than 1% of the software giant's workforce of more than 200,000. Microsoft most recently shrank its workforce in October and July, and has eliminated open positions and paused hiring in various grou...
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Surprise! Facebook Parent Meta Layoffs Seen Saving Only a Small Fraction of Losses
11Nov By adminNo Comments
Technology

Surprise! Facebook Parent Meta Layoffs Seen Saving Only a Small Fraction of Losses

[ad_1] Meta Platforms Inc.’s first major layoffs won’t be nearly enough to get the company back to being as profitable as it was just two years ago, according to analysts. Meta Platforms Inc.'s first major job cuts won't be nearly enough to get the company back to being as profitable as it was just two years ago, according to analysts. Meta laid off 11,000 workers on Wednesday. Chief Executive Officer Mark Zuckerberg said he bore responsibility for growing the company too quickly, on a failed bet that the increase in social media activity and online shopping during the pandemic would cometa jobntinue. “I got this wrong,” he said. But at the end of a difficult day for thousands of employees, the company -- parent to social media giants Facebook, Instagram and WhatsApp -- is still ...
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Facebook Parent Meta to Cut 11,000 Jobs; Mark Zuckerberg Says ‘I Got This Wrong’
9Nov By adminNo Comments
Technology

Facebook Parent Meta to Cut 11,000 Jobs; Mark Zuckerberg Says ‘I Got This Wrong’

[ad_1] Facebook parent Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs. Facebook parent Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant's history.The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement. The company will also extend its hiring freeze through the first quarter. “I want to take accountability for these decisions and for how we got here,” Zuckerberg said in the statement that was sent to Meta employees and posted on the company's website. “I know this is tough for everyone, and I'm especially sorry to those impacted.” The company said that while reductions ...
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Silicon Valley Job Cuts Are No Cure-All for Tech’s Falling Stock Prices
8Nov By adminNo Comments
Technology

Silicon Valley Job Cuts Are No Cure-All for Tech’s Falling Stock Prices

[ad_1] Companies such as Meta Platforms Inc. are waking up to investor demands that they cut costs in the face of a looming recession… Companies such as Meta Platforms Inc. are waking up to investor demands that they cut costs in the face of a looming recession, but shareholders looking for relief from the relentless tech-stock selloff can only take so much comfort from that. Facebook parent Meta plans to cut thousands of jobs beginning this week, the Wall Street Journal reported. That comes after Apple Inc., Alphabet Inc.'s Google and Microsoft Corp. either froze hiring or said they're re-evaluating staffing needs as the breakneck growth that the tech industry has enjoyed fades in the face of inflation and rising interest rates. While layoffs bring economic pain to households, i...
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Facebook Parent Meta LayOffs Set To Start, WSJ Says
7Nov By adminNo Comments
Technology

Facebook Parent Meta LayOffs Set To Start, WSJ Says

[ad_1] Facebook parent Meta Platforms is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported. Facebook parent Meta Platforms Inc. is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, according to the report. Chief Executive Officer Mark Zuckerberg in September outlined plans to reorganize teams and reduce headcount for the first time, following a sharp slowdown in growth at the parent of Facebook and Instagram. Zuckerberg said then that Meta will likely be smaller in 2023...
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