Meta

Meta is eliminating more jobs, on top of the 13% reduction last November, sources said. Read more at straitstimes.com.

The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. This phase of layoffs could be finalised next week, according to the people. In its earlier round of cuts,

Meta Platforms Inc will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News reported on Monday, only a few months after ...

Other tech companies, including Google-parent Alphabet Inc and Microsoft Corp, have also cut thousands of jobs. Meta's mass layoffs in November that cut more than 11,000 jobs was among the biggest last year and the first in the company's history. Last month, the Washington Post newspaper had reported that Meta was planning to cut jobs in a reorganization and downsizing effort.

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Meta will have to face a trial over accusations that it took Neural Magic's "breakthrough" algorithms that enable AI systems to process information more ...

District Court for the District of Massachusetts, No. But the court on Monday allowed Neural Magic's case to continue for all but one of the 41 secrets it accused Meta of misappropriating. The case is Neural Magic Inc v.

Meta Platforms Inc is planning to cut thousands more jobs as soon as this week in its fresh round of layoffs.

After eliminating 11000 jobs in November 2022, Meta Platforms (NASDAQ:META) could soon announce a fresh round of workforce reductions, Bloomberg reported.

Meta’s increased focus on cost reduction and driving efficiency has received a thumbs-up from investors. The company aims to target cost reduction throughout the organization. Per the report, Meta could remove thousands of employees as it focuses on becoming a more productive organization in 2023 and beyond.

In its earlier round of cuts, Meta slashed 11000 workers in what was its first-ever major layoff.

[Subscribe](https://economictimes.indiatimes.com/subscription?newslettertype=div_3125&email=2&utm_source=newsletter&utm_medium=email&utm_campaign=DailyTop5)to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. I got this wrong, and I take responsibility for that,” Zuckerberg had said in a statement. That's down 55% from $10.29 billion, or $3.67 per share, a year earlier. [technology](https://economictimes.indiatimes.com/tech)and [startup news](https://economictimes.indiatimes.com/tech/startups)that matters. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. [Mark Zuckerberg](/news/mark-zuckerberg)goes on parental leave for his third child.

Shares climbed 1.6% in premarket trading. After a sharp fall last year, the stock is still lower than it was a year ago. But it has made a 54% comeback this ...

That comes on top of the 13% workforce reduction from November, equivalent to some 11,000 employees. ](https://www.barrons.com/market-data/stocks/meta) Platforms were rising on Tuesday after a report said the company will [cut more jobs](https://www.barrons.com/articles/meta-stock-layoffs-tech-7932affd?mod=article_inline) than previously announced.

A good year for Meta Platforms Inc. investors has the potential to get better still — even without the boost that a ban on Chinese rival TikTok would ...

Check out the companies making the biggest moves in premarket trading: Meta — Meta shares gained 2% after a Bloomberg report announced that the company is ...

[Mineralys Therapeutics](/quotes/MLYS/) — The health-care company gained about 3% after [Credit Suisse initiated coverage of the stock](https://www.cnbc.com/2023/03/07/credit-suisse-says-this-biotech-stock-can-surge-100percent-citing-an-opportunity-in-obesity-related-hypertension.html) with an outperform rating and $40 price target, which suggests upside of more than 100%. [Juniper Networks](/quotes/JNPR/) — The network hardware company added more than 1% after [Goldman Sachs initiatived coverage](https://www.cnbc.com/2023/03/07/goldman-sachs-says-buy-jnpr-sees-nearly-25percent-upside-for-the-stock.html) of the stock with a buy rating. [Hesai Group](/quotes/undefined/) — The stock gained 1.4% in light premarket trading after [Morgan Stanley initiated coverage of the stock](https://www.cnbc.com/2023/03/07/morgan-stanley-says-this-ev-adjacent-stock-can-rally-nearly-40percent-as-adoption-in-china-accelerates.html) with an overweight rating and $26.50 price target, which implies nearly 40% upside. [Joby Aviation](/quotes/JOBY/) — The electric-aircraft maker fell more than 4% after being [downgraded to sell from hold](https://www.cnbc.com/2023/03/07/deutsche-bank-downgrades-joby-says-risks-to-electric-aircraft-stock-are-being-overlooked.html) by Deutsche Bank. [Dick's Sporting Goods](/quotes/DKS/) -- The sporting-good retailer rallied more than 6% after its [fourth-quarter results topped Wall Street's expectations](https://www.cnbc.com/2023/03/07/dicks-sporting-goods-dks-q4-2022-earnings.html). [Meta](/quotes/META/) — Meta shares gained 2% after a [Bloomberg repor](https://www.bloomberg.com/news/articles/2023-03-07/meta-is-said-to-plan-thousands-more-layoffs-as-soon-as-this-week)t announced that the company is planning another round of layoffs as soon as this week.

Meta plans to cut thousands of employees as soon as this week, according to a report, while Squarespace issues a forecast for fiscal first-quarter and ...

These stocks were making moves Tuesday: economy’s strength this year could prompt the central bank to speed up the pace of interest rates. Stocks

Reports in February suggested that Meta was planning further cuts as part of a reorganisation and downsizing effort, with CEO Mark Zuckerberg having christened ...

Bloomberg reported that the latest phase of layoffs at Meta could be finalised next week. [Bloomberg News](https://www.bloomberg.com/news/articles/2023-03-07/meta-is-said-to-plan-thousands-more-layoffs-as-soon-as-this-week?leadSource=uverify%20wall) reports that the latest redundancies are being driven by financial targets and a separate from the "flattening" of the company's management structure that Meta aimed for with the first round of cuts. The group has 2.96bn average daily active users across its apps, which also include Instagram and WhatsApp.

“Our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization,” Meta CEO Mark Zuckerberg said ...

In July, engineering managers at Meta were tasked with identifying anyone on their team who “needs support” and [reporting them in an internal HR system](https://www.hcamag.com/us/specialization/industrial-relations/meta-prepares-for-layoffs/413129), The Information reported. [Zuckerberg said in a letter to employees](https://about.fb.com/news/2022/11/mark-zuckerberg-layoff-message-to-employees/) in November. [apply for different positions](https://www.hcamag.com/us/specialization/industrial-relations/meta-to-begin-largest-round-of-layoffs-in-company-history/426585) within the company, the Wall Street Journal reported. Additionally, the social media giant cut a bonus metric to 85% of its target. Additionally, the company reduced discretionary spending and extended its hiring freeze through the first quarter of 2023. Furthermore, approximately 10% of workers received ratings indicating that they were underperforming.

Our focus for Facebook this year is on artificial intelligence, messaging, creators and monetization.

Another part of delivering the best experience to people using AI is to make it easier for people to share what they discover on Facebook via messaging, when, where and how it suits their needs, without needing to switch to another app. We started introducing community chats to some Facebook Groups last year as a way for people to connect more deeply with their online communities in real time around the topics they care about. Our investments in AI are unlocking new ways for people to discover great new content on Facebook and share it with the people they care about. [expanded Professional Mode for Profiles](https://www.facebook.com/creators/expanding-professional-mode-for-profiles) globally, a simplified profile experience for creators to access monetization opportunities and professional tools. We use AI to identify creators who may appeal to your interests and to improve how we recommend Reels and other great content from creators in your Feed. An important part of our work on AI-powered recommendations to connect you to people you want to know or should know is fueling creator discovery on Facebook. Today, I want to share more about what we are doing to deliver the best Facebook experience to people using AI and the opportunities we’re creating for creators. We believe our combination of simple-to-use formats, easy access to your most important audiences and world class AI that can deliver content to the people who will appreciate it the most — will make Facebook the best place for social discovery and sharing. And we make it easy for people to share with the audience that matters most to them. Previously, you might be invited to a Group by a friend, search for a Group based on a specific need or interest or see a Groups you should join suggestion. We also have safeguards to make sure that recommendations are not harmful and don’t go against our [community standards](https://about.fb.com/news/2020/08/recommendation-guidelines/). Over the last nearly 20 years, people have come to Facebook for lots of things, including to see what’s going on with their friends, family and groups where meaningful connection happens.

Meta Platforms Inc will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News reported on Monday, only a few months after ...

Register for free to Reuters and know the full story [(GOOGL.O)](https://www.reuters.com/companies/GOOGL.O) and Microsoft Corp [(MSFT.O)](https://www.reuters.com/companies/MSFT.O), have also cut thousands of jobs. [(META.O)](https://www.reuters.com/companies/META.O) will cut thousands of jobs as soon as this week in a fresh round of layoffs, Bloomberg News [reported](https://www.bloomberg.com/news/articles/2023-03-07/meta-is-said-to-plan-thousands-more-layoffs-as-soon-as-this-week?sref=y3YMCJ4e) on Monday, only a few months after the Facebook-parent reduced more than 11,000 people from its workforce.

Mark Zuckerberg is shifting the company's focus to language models for AI.

[$562 billion:](https://companiesmarketcap.com/facebook/marketcap/) The current market cap of the once trillion dollar company Meta [275%:](https://arstechnica.com/gaming/2023/03/metas-absurdly-expensive-quest-pro-is-now-slightly-less-absurdly-expensive/) How much more expensive Meta’s Quest Pro VR headset was that its predecessor Quest 2 at $1,500 when it launched five months ago [$1,000:](https://arstechnica.com/gaming/2023/03/metas-absurdly-expensive-quest-pro-is-now-slightly-less-absurdly-expensive/) The price of Meta’s Quest Pro VR headset fell 33% in the US and Canada as of Sunday (Mar. The team building AI-powered products is [led by Ahmad Al-Dahle](https://www.reuters.com/technology/meta-is-creating-new-top-level-product-group-focused-generative-ai-ceo-2023-02-27/), who’ll report to Facebook Meta’s chief product officer Chris Cox. [85% off](https://www.amazon.com/Power-Bank-Solar-Portable-Charger-40000mAh-Capacity-Flashlight-Compatible/dp/B0BGPLV2L6?asc_campaign=InlineMobile&asc_refurl=https://qz.com/meta-layoffs-2023-jobs-metaverse-ai-1850196575&asc_source=&tag=kinjapromo-20) [Facebook as its leader](https://qz.com/2081426/facebooks-meta-company-wants-control-of-the-metaverse). [Facebook post](https://www.facebook.com/story.php?story_fbid=pfbid0vvSykpAEXpHHaKKyWMZ423TCq3qQDKtLu7m4XiRfUEYRrxzwpdewh3yYepnc1Bsrl&id=4&mibextid=qC1gEa&_rdr)—the same day OpenAI teased dialogue-based ChatGPT. Meta Vice President for VR Mark Rabkin [reportedly told employees](https://www.theverge.com/2023/2/28/23619730/meta-vr-oculus-ar-glasses-smartwatch-plans) that “the newer cohorts that are coming in…they’re just not as into it.” Maybe the thinner 2024 variant at “the most [attractive price point](https://arstechnica.com/gaming/2023/03/metas-hardware-plans-include-thinner-quest-this-year-ad-supported-ar-in-2027/) in the VR consumer market” will make it more popular. It also [delays setting team budgets](https://www.ft.com/content/3f3c3fe7-fedd-4fcd-a3d9-6ce44fe56e08) as it plans a fresh round of layoffs. [Nobody used](https://www.maristcircle.com/opinion/2022/12/8/the-costly-failures-of-facebooks-metaverse) Horizon Worlds, the social universe that was quickly dismissed as a poor quality video game despite Zuckerberg’s insistence that it was more. And if Zuckerberg thought he could [tap into the 13- to 17-year-old market](https://fortune.com/2023/02/07/meta-horizon-worlds-teens-user-numbers/) to make the product work, he has to think again. [Met](https://www.bloomberg.com/quote/META:US)a is putting another set of jobs on the chopping block. [flattening](https://www.bloomberg.com/news/articles/2023-02-07/meta-to-ask-many-managers-to-become-individual-contributors-or-leave)” its organizational structure, asking managers and directors to transition to individual contributor jobs—non-managerial posts focused on coding, designing and research—or leave. Engineer and writer Gergely Orosz [tweeted that](https://twitter.com/GergelyOrosz/status/1612565777407938560) the decision affected around 20 new grads in London with offers due to start in February.

Tough times have fallen on social media platform Meta as the company is planning layoffs which could effect thousands of workers, according to a Bloomberg ...

A shift in Big Tech’s philosophy from centralisation to decentralisation is unlikely as the metaverse is still in its infancy.” [misinformation](https://www.verdict.co.uk/social-media-firms-must-act-on-climate-misinformation-in-2023-analyst-says/) and [company privacy scandals](https://www.verdict.co.uk/cambridge-analytica-is-closing/) as according to reports, “without a large audience, brands will not be interested.” The metaverse has been promoted as a revolution in how humans socialise, consume media and work,” and without this evidence it will be hard to see how Meta can finally start monetising its efforts. [Global Data Tech, Media, & Telecom Predictions](https://technology.globaldata.com/Analysis/details/thematic-intelligence-tech-media-telecom-predictions-2023) (TMT) 2023 stress that, “interoperability will be key to the metaverse, but it will not be achieved in 2023. [metaversities,’](https://www.verdict.co.uk/metaversities-edtech-to-launch-in-the-us-this-autumn/) and big [marketing campaigns](https://www.verdict.co.uk/metas-queens-of-the-metaverse-event-offered-strangely-outdated-ar-technology-and-hardly-any-metaverse/) have industry insiders questioning whether or not CEO Mark Zuckerberg’s approach is working. [podcast](https://open.spotify.com/episode/4w9KbPnjktU8vlzWtwTtlG) for GlobalData Thematic Research, claims she has trepidation about a [metaverse winter](https://www.verdict.co.uk/the-metaverse-winter-is-coming-niche-players-and-carriers-must-up-their-game-analyst-warns/) and believes that it will stem from Meta itself.

Nearly a decade after Facebook angered some users by splitting off messaging features from its flagship social networking application and forcing people to ...

But its audience has [resumed growing](https://www.cnn.com/2022/07/27/tech/meta-q2-earnings/index.html), for now. “I think it’s helping them get closer to their fans on Facebook in a way they can’t do on other platforms.” “That’s a lot of the culture that we’re kind of instituting across Meta is just like, how do we do fewer things better? “I think the thing that will differentiate Facebook and Instagram from TikTok and others is just the depth of being able to start a conversation with your friends from this content and have that kind of social dimension.” (A new, separate tab fulfilled the desire for the latter.) The goal was clear: to keep users engaged longer and help the platform better compete with TikTok and its steady stream of recommended content. we’ve been really known for friends and family, but over the next 20 years, what we’re really working toward is being known for social discovery,” he said. And how do we do them, sometimes, more quickly? “One of the things that we are embracing with the year of efficiency is prioritization and, frankly, just focusing more effort on some of our bigger bets,” Alison said. “For the last almost 20 years … [teen problem](https://money.cnn.com/2013/10/31/technology/social/facebook-teens/index.html)” a decade ago to the more recent series of [PR debacles](https://www.cnn.com/2021/10/25/tech/facebook-papers/index.html) for the social network and its parent company, Meta. The test comes as Facebook looks to beat back competition from No longer would the platform simply be about connecting friends and family.

Out with pictures of your cousins. In with random content from third parties that the company's algorithms think you'd like.

“Facebook is not dead nor dying, but in fact alive and thriving,” he writes. But the company also confirms what you probably have already figured out: The social network has moved on from its original focus of catching up with people you know. ](https://www.barrons.com/market-data/stocks/meta)

Meta is planning another round of layoffs that will cut thousands of employees as soon as this week. Meta stock edged down on the news.

It was a time when tech businesses were expecting consumers to go on a spending spree after the Covid-19 pandemic threats lifted. Meta stock soared as the company also announced $40 billion in new share repurchases. Layoffs.fyi tracks layoffs in the tech sector. Meta, like all social media companies, is struggling due to a sharp reduction in advertising as companies squirm over macroeconomic concerns, fears of a recession and higher interest rates. Meta stock has doubled since early November when the company announced its first round of layoffs. [Mark Zuckerberg Delivers The Medicine Meta Investors Needed Badly](https://www.investors.com/news/technology/meta-stock-jumps-on-40-billion-buyback/) [In An Emotional Letter, Zuckerberg Details Reason For Mass Meta Layoffs](https://www.investors.com/news/technology/meta-stock-climbs-as-mass-layoffs-revealed/) [Facebook-Parent Meta, Hit By Hard Times In 2022, May Be Overcoming Obstacles](https://investors.com/news/technology/meta-stock-jumps-on-positive-review/) [Amazon Ups The Ante On Layoffs, Plans To Cut 18,000](https://www.investors.com/news/technology/amazon-stock-company-ups-the-ante-on-layoffs/) [AMZN](https://research.investors.com/quote.aspx?symbol=AMZN)), Google parent Alphabet ( [GOOGL](https://research.investors.com/quote.aspx?symbol=GOOGL)), Microsoft ( [MSFT](https://research.investors.com/quote.aspx?symbol=MSFT)) and Salesforce ( [CRM](https://research.investors.com/quote.aspx?symbol=CRM)) and Meta. Meta stock dipped 0.2%, closing at 184.51, on the [120,000 tech employees have lost their jobs](https://www.investors.com/news/technology/tech-layoffs-show-no-signs-of-slowing/) in 2023, Roger Lee, founder of [Layoffs.fyi](https://layoffs.fyi/), said in an interview with IBD last week. Meta stock edged down on the news. Meta Stock Climbs On Layoff News [META](https://research.investors.com/quote.aspx?symbol=META)) reportedly is planning another round of layoffs that will cut thousands of employees as soon as this week.