An economic slowdown and a grim outlook for online advertising have contributed to Meta’s woes.
. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.as it shifts its focus away from social media. Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.
, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them. A hiring freeze at the company will be extended through the first quarter of 2023, Zuckerberg said. The company has also slashed its real estate footprint and he said that with so many employees working outside of the office, the company will transition to desk sharing for those that remain.Zuckerberg told employees Wednesday that they will receive an email letting them know if they are among those being let go.
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