INSUBCONTINENT EXCLUSIVE:
Facebook parent Meta Platforms is laying off 11,000 employees, or about 13 per cent of its workforce, as it battles faltering revenue and
broader tech industry woes
talented and passionate, and have made an important impact on our company and community
world, in a blogpost.
Meta has an estimated 300-400 employees in India
The social media company reported its revenue at $27.7 billion in Q3, against $29 billion in the same period last year
But in early trade on Wall Street, the stock was up nearly 6 per cent (at 8.18 pm IST).
Those fired by Meta would get 16 weeks of their
base salary as severance, plus two weeks for every year they worked at the company
access to unpublished job leads, and immigration support
the surge of e-commerce led to outsized revenue growth
Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended
I did too, so I made the decision to significantly increase our investments
Facebook India Online Services, the registered entity of Meta in India, more than doubled in FY22 to Rs 297 crore, from Rs 128 crore in the
performance, operational efficiency, and other macroeconomic factors to determine whether and how much we should resume hiring at that
point," said Zuckerberg.
These layoffs would affect every team across the company.
"I believe we are deeply underestimated as a company
Billions of people use our services to connect, and our communities keep growing
Our core business is among the most profitable ever built with huge potential ahead," Zuckerberg said.
Big Techs, including Apple, Meta,
Twitter, and Amazon, have been under pressure because of the ongoing economic slowdown in the US, Europe and other parts of the world
According to Crunchbase, a market research company, technology US-based companies have fired over 45,000 workers as of October
2022.
Recently, Twitter reduced its global workforce to half after being bought by Elon Musk
Its India workforce was severely hit.
