Big tech companies have been laying off staff in record numbers recently. Now Facebook is about to do a fresh round of layoffs that could cut thousands of jobs.
Back in November 2022, Facebook cut about 13% of its staff. This came as Facebook’s parent company Meta has been working to become more efficient as the ad market has been rapidly changing recently. To do that, they cut 11,000 jobs last year and now plan to cut more “non-essential” staff, according to Bloomberg News.
This report comes as Facebook reportedly asked directors and vice presidents to make lists of employees that could be let go.
In the last year, Amazon has laid off 18,000 employees, Google 12,000, Microsoft 10,000, and Stripe laid off 7,000. This is just a small list of the companies seeing major layoffs in the world of tech recently.
Previously tech jobs had been seen as safe from mass layoffs. Now though, as eCommerce slows and the ad market drops, companies who rely on this are facing the need to cut costs. Long gone are the easy money days of online companies like Amazon, Google, Facebook, and Microsoft.
This is likely not the end of cuts as many companies staffed, but during the pandemic that saw almost everything moved online. Now as people go back to stores and life, the need for online services is drying up.