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Bad News For Facebook Employees. Zuckerberg Hints at More Layoffs In Coming Days. Read His Latest Statement
In one of the worst lay-offs ever in the tech industry, Zuckerberg in November sacked more than 11,000 employees -- about 13 per cent of the global workforce -- and extended the hiring freeze through Q1 2023.
Facebook Layoffs: Months after Facebook sacked more than 11,000 employees, CEO Mark Zuckerberg hinted at more layoffs in the coming days. At a recent all-hands meeting, Zuckerburg reportedly warned managers, saying,”I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work”. Command Line, The Verge’s weekly newsletter quoted the billionaire as saying in an internal meeting.
Though nothing has been confirmed, the statement is being seen as a hint that the company may sack more employees this week while announcing its quarterly result.
In one of the worst lay-offs ever in the tech industry, Zuckerberg in November sacked more than 11,000 employees — about 13 per cent of the global workforce — and extended the hiring freeze through Q1 2023. The Facebook and Instagram parent company reported over 87,000 employees (as of September 2022).
In a statement, Zuckerberg said the company is going to take a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending its hiring freeze through Q1. He blamed the macroeconomic downturn, increased competition and ads signal loss for the move, saying it caused “revenue to be much lower than I’d expected”.
“At the start of Covid, the world rapidly moved online and 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,” said Zuckerberg.
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