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Meta Fires 11,000 Employees In Biggest Tech Layoff Of 2022
09 Nov'22 | By Hemant Kashyap
Meta cited the current macroeconomic downturn, increased competition and shrinking ad revenues as the reasons for the layoffs
Meta CEO Mark Zuckerberg also announced the extension of the hiring freeze till Q1 2023
The company has around 300-400 employees in India, according to media reports. However, the number is not confirmed
Meta, the parent company of Facebook, Instagram and WhatsApp, has announced that it will be laying off 13% of its employees. The move will impact more than 11,000 employees worldwide. However, the number of employees who will be impacted in India is not clear yet.
The company has around 300-400 employees in India across five offices, according to media reports. However, the number is not confirmed.
It must be noted that earlier Twitter fired almost 90% of its employees in India as part of a global restructuring exercise after the acquisition of the platform by Tesla boss Elon Musk.
“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,” Meta CEO Mark Zuckerberg said in a blog post. He also extended the company’s hiring freeze till Q1 2023.
The company had 87,000 employees as of September 2022. Meta’s layoffs come after the company hired 15,344 in the first nine months of 2022, a quarter of which happened during the most recent quarter.
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” Zuckerberg explained in the blog post. He added that while everyone, including himself, believed that this momentum would grow, it failed to do so.
