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Thursday, January 26, 2023

Meta Reportedly Planned Large-Scale Layoffs In 2022: What About Metaverse?

At the conclusion of Sept, Meta employed around 87k people, the majority of whom, according to reports, were employed by the Labs branch.

According to reports, social networking and technology behemoth Metaverse is preparing for a “wider-scale layoff” this week due to mounting costs as well as a recent decline in its stock price.

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The anticipated layoffs might affect thousands of workers across Metaverse’s 87k-strong workforce, according to a Wall Street Journal (WSJ) article from Nov. 6 that cited people who know the issue.

It is unclear at this time whether Reality Labs, a branch of the company, which reported a $3.7 bn deficit in the 3rd quarter, would make worker reductions.

The billionaire businessman appeared to reiterate his support for the company’s efforts in these sectors while being in the earnings call, stating they should “maintain actively investing in these sectors” because they are “on the perfect route with all these investments.”

Meta Planning A Large-Scale Layoffs:

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Just a week before, M-verse released its 3rd quarter profits, which fell short of projections in terms of sales and experienced an increase in operating expenses. Shares of M-verse are presently trading at $90.79, down 7.56 percent over the past 5 days and 73.19 percent year-over-year, as according to Yahoo Finance. Its share price also suffered.

Despite this, the corporation still seems to be constantly hiring for its division of m-verse, as seen by the fact that 38 of the four-thirteen job postings on its listing of openings relate to virtual reality and augmented reality.

After contacting Metaverse for clarification and to inquire about possible improvements to its m-verse section, Cointelegraph did not immediately hear back.

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