Technology

Lyft’s app, Stripe’s financial services platform, and Zillow’s digital real estate market also reduced staff numbers, according to company statements and media reports.

The Meta Portal Go is displayed during the Meta Store preview in Burlingame, California, Wednesday, May 4, 2022. AP Photo / Eric Risberg, File

Meta, Facebook’s parent company, announced plans to shed more than 11,000 jobs, or 13 percent of the company, as the social media giant tries to cut back on spending and transform its business model into a more competitive digital advertising market.

“We are also taking a number of additional steps to become a leaner and more efficient company by reducing discretionary spending and extending the hiring freeze to the first quarter,” Meta CEO Mark Zuckerberg said in a statement Wednesday, adding that the layoffs were “some of the toughest changes that have been made,” we have introduced in Meta history. “

Zuckerberg added that soon everyone in the company will receive an email “telling you what this layoff means for you.”

The company was scheduled to start laying off thousands of employees this week in an attempt to cut costs and refocus its current employees on the company’s priorities, according to a person familiar with the matter who spoke on condition of anonymity to discuss the company’s strategy.

The layoffs mark a turbulent new period in Silicon Valley as tech giants, long known as bastions of economic power and recession-resistant, have laid off huge workers in recent weeks. Over the years, companies have grown rapidly and hired at an alarming rate. Facebook alone increased its workforce by 28 percent year-on-year to 87,314 employees by the end of September, official records show.

One of the biggest slaughters took place on Twitter last week, where new owner Elon Musk cut off roughly half of the company’s 7,500 staff – so much so that over the weekend some employees were called and asked to come back.

On Tuesday, there were media reports of hundreds of layoffs from tech giant Salesforce, which sells business software. Application promoting rides Liftfinancial services platform Stripe and Zillow’s digital real estate market has also cut back on staff, according to company statements and media reports.

The layoffs at Meta – which changed its name from Facebook a little over a year ago – are when the company takes a big risk of building a metaverse. Part of the employment boom over the past few years has focused on building immersive digital spheres accessible through virtual reality, which CEO Mark Zuckerberg says will be the next great computing platform after cell phones and will replace some personal communication.

The company is investing heavily in virtual reality headsets and other technologies to try to conquer the market. Meta said it expected the operating losses of Reality Labs, the division working on its hardware offering, to increase even further in 2023.

Last month, the company exposed his new $ 1,500 VR headset, which he says will transform employees’ ability to collaborate with colleagues and get their jobs done.

But so far that vision has slowly materialized, in part because the company continues to develop the underlying technology and a wider range of applications that will make it attractive to the mainstream audience. While the company currently dominates the VR headset market, the Meta is likely to face significant competition in space from Apple.

The meta supports Facebook and Instagram social media platforms and the WhatsApp messaging app, among others. The more traditional blue app business model, which relies on advertising, has been particularly hit by greater economic challenges, including some digital advertisers who have withdrawn from spending as rising inflation and the Russian invasion of Ukraine have caused market volatility.

The company is also increasingly fending off competition for marketing money and users from rivals such as TikTok, a short video platform that has emerged among younger generations. This year, the company reported Facebook lost daily users for the first time in its 18-year history, although user growth later improved. Last month, Meta reported that its second quarterly revenue has dropped in a row.

And Meta does estimated that it will lose $ 10 billion this year after Apple imposed privacy restrictions that forced app developers such as Facebook to explicitly ask users if they could collect data about their online activity, harming the company’s social media ability to facilitate targeted advertising campaigns. Facebook argued at the time that the new privacy rules would hurt small businesses that need detailed user information to find likely customers.

Faced with these challenges, Meta executives are increasingly warning employees that the company is entering a new era of higher performance expectations and a greater focus on its greatest goals.

During the last connection With investors, Zuckerberg touted the company’s decision to follow the same strategy that made TikTok so popular: showing users entertainment content from strangers over posts by their friends and family. The company also heavily promotes its short video product, Reels, on Instagram and Facebook, as well as business news.

In the same interview, Facebook said it plans to dramatically slow down hiring and keep the number of employees about the next year at about the same level as it is today.

More than a month ago, Meta said it would stop bidding new job applicants, sourcing applicants, and approving internal transfers while the company re-evaluates how best to prioritize its human resources, according to a memo posted on the company’s internal bulletin board that they watched. Washington Post.

Last summer, Lori Goler, the company’s chief HR officer, advised managers to implement the “rigorous performance management” Meta relied on before the pandemic, such as providing critical feedback to struggling employees.

In July, Meta’s engineering manager, Maher Saba, instructed engineering managers in the internal note to identify and eliminate the lowest-scoring employees.

“If a direct report runs off or has a poor performance, they are not the ones we need; they are failing this company, ”wrote Saba. “As a manager, you can’t let someone be net neutral or negative to the Meta.”

Such messages from company directors sparked a wave of anxiety and resentment among Facebook employees. Some people worry that they may lose their jobs or reduce their annual bonuses. Others fear that an already stringent corporate environment will become even more competitive as employees compete for less desirable positions. Post reported.

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