“I view layoffs as a last resort,” says Zuck
More than 11,000 workers at Meta will lose their jobs, the technology company has announced, a figure that includes some staff working in its VR team Reality Labs. The Company Formerly Known As Facebook broke the bad news to employees via amessageCEO Mark Zuckerberg shared earlier today. The job losses equate to 13% of Meta’s entire staff. Redundancies will affect staff across Meta’s global offices, including here in the UK.
Instead, Zuckerberg attributed the cuts to his own “wrong” predictions on how the company’s ecommerce revenue growth would continue to grow after the pandemic. He said he “made the decision to significantly increase our investments” off the back of that prediction, but, “Unfortunately, this did not play out the way I expected,” he admitted.
Meta’s huge layoffs are the latest woe to befall big tech companies that affects offshoots of the games industry. Back in September, Googleannouncedsuddenly that they were shutting down their Stadia streaming service, which came as asurpriseto the developers who were still working on games for it.
