Meta Group has begun a program through which it wants to cut costs by at least 10% in the coming months and will continue to cut in the long term, sources cited by the Wall Street Journal said. After many Silicon Valley companies hired at an alarming rate during the pandemic, things have taken a 180-degree turn.
The market cap of Meta Platforms (Facebook) reached $381 billion at the end of August 2021, and peaked at $1.007 billion.
The group’s growth has slowed significantly, but the number of employees at the end of June was 83,000, up 32% from a year ago.
The company is in the midst of a general cost-cutting program, and as part of this program, intensive reorganizations are carried out in various departments and employees are laid off, who then have a month to find another job in one of the Metagroup divisions.
Sources cited by the WSJ say more significant cuts are planned, which will also come from shrinking consulting budgets, for example, but most of the cost reductions will come from headcount reductions.
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Source: Hot News RO
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