"Meta is planning to lay off 8,000 employees, or roughly 10% of its workforce, in May, as it seeks to cut costs to better prepare to do more with artificial intelligence."
"From January to March, tech companies announced 52,050 layoffs, up 40% from the same period last year, according to outplacement firm Challenger, Gray & Christmas."
"Meta has been growing its digital ads business and is expected to outpace its rivals this year, becoming the world's top player in digital ads."
"Despite the layoffs, Meta is doing better than many in the industry, but still slashing headcount for many types of jobs."
Meta, the parent company of Facebook and Instagram, is set to lay off 8,000 employees, representing 10% of its workforce, in May. The company will also close 6,000 open roles as part of its cost-cutting measures. This decision follows a trend among tech companies that have reduced their workforces since 2022 after a hiring surge during the pandemic. Despite these layoffs, Meta is expected to lead the digital ads market, with projected global net ad revenue surpassing Google's by 2026.
Read at Los Angeles Times
Unable to calculate read time
Collection
[
|
...
]