Over 11,000 employees struggle because of Massive Layoffs done by Facebook. Is recession booming?
Massive US Layoffs by Facebook – Meta owner Mark Zuckerberg. Is this the most challenging time for IT Industry?
The IT Industry is currently going through one of the toughest situations ever in the world. Let’s continue to read the overall blog to know about the massive layoffs and the reason behind the layoffs. Facebook's parent company called Meta is taken action to huge layoff 11,000 employees this week, US media reported yesterday.
Official Reason from Mark Zuckerberg for the layoff done by Facebook.
The following reasons are really very tough for Facebook. So, Mark needs to take action for these conditions of Facebook. Mark also added the point "I know this is tough for everyone for my action". And he says especially SORRY to those impacted employees.
Facebook also plans to make a hiring freeze till the end of the Q1 financial year. Facebook's hiring freeze is continuing till March 2023, with a small number of exceptions. Meta Layoff is one of the biggest tech layoffs of 2022, Facebook parent Meta Platforms cut 13% of its workforce overnight. Facebook is planning to reduce the number of 11,000 employees because of their profit reduced and getting frustrated with their disappointing earnings. Nowadays Facebook is weakening its advertising market. Also, Facebook is made a huge investment and is focused on the Metaverse platform for future Facebook and Meta development.
Facebook has found a sharp slowdown in digital marketing advertising revenue and economic stumble around the world will lead to a recession in IT Industry.
IT folks thinking like Twitter layoffs, Meta layoffs, Microsoft Layoffs, Google Free hiring, and many top MNCs planning to layoffs and freeze and on-boarding hiring are part of the company’s cost-cutting strategy. It’s time most challenging time for the IT industry to face a recession.
Well-famous FAAMNG companies like Facebook (Meta), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet) are currently having only less than 4,000 active job openings in July when they had roughly 9,000 job openings. Finally, FAAMNG companies officially started their layoffs one by one and froze hiring also.
Yes, it’s really hard to accept but it’s a time to move on companies. Definitely IT industry recession will solve one day. Techies keep updated and stay positive good will come.
Also Read: Accenture India Fires Employees
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