After suffering major losses and its first sales decline as a public company, Meta has laid off more than 11,000 of its staff.
👉 Background: Two weeks ago we spoke about how Meta had $3.7b USD in losses in its metaverse division over the past 3 months. But on top of that, it was clear that the advertising market was a lot slower - Meta had its first sales decline as a public company.
👉 What happened: So now, after letting these ugly results sink in, Meta has announced that it will lay off 11,000 staff - or 13% of the company.
👉 What else: And it seems like the exuberance and excitement of 2021 has well and truly rubbed off.
💡Welcome to the Great Tech Reset of 2022. After years of booming user growth and revenue growth, not to mention growing share prices, tech companies have drawn a line in the sand.
💡And the first step on this journey is sadly job cuts.
💡For Meta, The Zuck invested too deep with off the back of the pandemic but he was sadly brought back down to Earth when the boom subsided in 2022.
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