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When Meta is not laying off employee , it is working on its practical reality devices , include multiple Quest headsets . The society late launch the Meta Quest Pro for a whopping $ 1,499 andconfirmed that the Quest 3 will launch in 2023at a more affordable price point . Meta is also continuing to bet big on the metaverse , having already invest a whopping $ 36 billion on the project , with billions more expect to be poured into it in the coming years . investor are reportedly get more and more uneasy about the massive investiture , particularly because VR has failed to snaffle the tending of mainstream consumer the way Mark Zuckerberg earlier imagine .
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In a letter to Meta employees on Wednesday , CEO and co - founder Zuckerberg said that the company has decided to cut its workforce by more than 11,000 , or about 13 percent,“to become a lean and more efficient company . “The letter , posted on the officialFacebookwebsite , added that the company will also take unspecified"additional steps"to cut discretionary spending and is extend its hire freeze through Q1 , 2023 . Zuckerberg also apologized to the regard employees and said he is taking"accountability for these decisions and for how we dumbfound here . "
Meta Announces Massive Layoffs
According to report byThe Wall Street Journal , Zuckerberg fill with caller executive on Tuesday to hash out the layoffs . He appeared"downcast"during the group meeting and lead full duty for the situation . Zuckerberg owned up to his missteps over the past brace of years , say he extremely overestimated how much money advertisers andthe general public would be unforced to expend onlineafter the pandemic . Zuckerberg also aver that recruiting will be disproportionately affected since the company plans to employ few people next year .
Unfortunately for Meta and other internet party heavily vest in e - Commerce Department and highly reliant on on-line advertising , on-line disbursal reduce drastically in late months after a couple of bumper twelvemonth during the pandemic , when much of global commerce shift online . The alter scenario in the post - Covid earned run average and the macroeconomic downswing made it difficult forMetatojustify the increase investiture , resulting in monumental layoffs . With the unexampled cost - cutting standard in home , Zuckerberg say that the company is now focused on some of its"high priority growth areas — like our AI discovery engine , our ads and business platforms , and our foresighted - term vision for the metaverse . "
Next : What Will The Future Of piece of work Look Like In VR ?
Source : Meta , WSJ
