US companies planned 721,677 job cuts last year, a 98% jump from 363,832 layoffs reported in 2022, a new report published by professional outplacement firm Challenger, Gray & Christmas has revealed.
The company has slashed around 21,000 jobs since November 2022 as it has sought to reassure investors that it was reining in costs amid waning revenue growth, high inflation and concerns that Reality Labs was losing too much money.
More than a year after Zuckerberg announced his metaverse project, internal documents had revealed that the company was grappling with “glitchy technology, uninterested users and a lack of clarity about what it will take to succeed”. Meta Layoffs: Facebook Parent Plans To Lay Off Unknown Number of Employees From Metaverse-Driven Reality Labs Division, Says Report.
Employee morale at the tech giant has plummeted after months of turmoil, including several rounds of layoffs resulting in more than 21,000 cuts, budget reduction and strategy changes as part of Mr Zuckerberg's plans for a "year of efficiency".