Wall Street Journal: Meta is planning significant layoffs

Wall Street Journal: Meta is planning significant layoffs

Invalid Date by CNN

Key Facts

  • CNN previewed the gaming platform in 2019 01:50 Now playing - Source: CNN CNN Business — Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal.
  • The job cuts are expected to impact thousands of workers and could begin as early as this week, the Journal reported over the weekend, citing unnamed people familiar with the matter.
  • The drop in profitability is largely driven by the billions Meta is spending to build a future version of the internet called the metaverse that likely remains years away.
  • (After reports of the job cuts, Meta’s stock opened more than 5% higher on Monday morning.) Meta is far from the only tech company said to be rethinking staffing.

Click To Read Full Article

ORGANIZATION
PERCENT
GEOGRAPHY
PERSON
PRODUCT
INFRASTRUCTURE
MONEY
EVENT
LOCATION
MISCELLANEOUS

This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2021 Kwhen Inc.

Was this content valuable for you?