2023 began with more layoffs for the worldwide tech world. Industry observers have expressed concern that more job cuts are possible.
More than 1,00,000 tech professionals have lost their jobs across the globe in the last month.
Facebook is among the prominent companies to terminate tech jobs. However, more layoffs are likely at Meta, the parent company of Facebook.
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Besides, Amazon terminated more than 18,000 employees. Although there is no clarity on further layoffs by the tech giant, reports suggest otherwise for Meta.
The company cut more than 12,000 jobs in November 2022. This would be roughly about 13% of the enterprise’s workforce.
One of Google’s largest-ever layoffs also occurred at the beginning of the year. The world’s largest search engine revealed that it would terminate 12,000 workers globally.
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There are widespread reports about budget delays at Meta. The delays are expected to lead to more job cuts.
Meta has currently delayed finalizing multiple teams’ budgets. Both investors and employees at Meta Platforms Inc. are likely to be alarmed by the announcement of the budget delays and possibly job cutbacks.
According to a Reuters article that was originally credited to the Financial Times, Meta has postponed finalizing the budgets of numerous teams because the business anticipates more layoffs.
According to two Meta workers who are acquainted with the situation, there has been confusion recently regarding finances and layoffs.
The times are tough on the company. The efforts toward sailing through the phase will depend on strategic changes and initiatives to cut unnecessary expenses.