Facebook Layoff / Once again Facebook fired 10,000 employees

Facebook Layoff: Facebook's parent company Meta has decided to lay off 10,000 people. Along with this, there has been a ban on hiring 5000 new people. The reason behind the company's doing so is said to be the continuous loss to Meta. The company is trying to reduce costs. Meta forecasts full-year 2023 total spending to be in the range of $86 billion to $92 billion. The company is trying to reduce expenses by $ 3-5 billion. Along with this, the company is also preparing to close the upcoming vacancies.

Facebook parent Meta to lay off 10,000 workers, won't fill 5,000 open jobs, reports AP

— Press Trust of India (@PTI_News) March 14, 2023

The company has said that we expect to announce restructuring and layoffs in our tech department in late April. This may take till May. The tech industry has laid off more than 280,000 workers since the start of 2022, with nearly 40% of those in January and February alone. Let us tell you that after the opening of business on Tuesday, the shares of Meta had climbed up by 6%. The tech industry saw a total of 63,216 layoffs, up 33,705 percent from the 187 layoffs announced in the same period last year, according to executive outplacement firm Challenger Gray & Christmas. The sector has announced to cut 35 percent of all jobs in 2023.

This is the figure of retrenchment in January and February

Companies in the US cut 77,770 jobs in February as compared to 1,02,943 in January, while IT companies continue to lead the race for layoffs, with IT companies cutting 21,387 jobs last month, which is 28 percent of the total cut. Is. Its effect is now slowly being seen in the market as well. Last week, after the bankruptcy of Silicon Valley Bank, the worldwide market has declined. Tremendous losses have also been seen in the Indian market.