News That Matters

Tag: Meta

Nearly Half Of Meta Job Cuts Were In Technology, Reorganisation Underway, Say Executives
Technology

Nearly Half Of Meta Job Cuts Were In Technology, Reorganisation Underway, Say Executives

By Reuters Nov 12, 2022, 10:34 AM IST (Published)The executives said that the first mass layoff in the social media company's 18-year history affected staffers at every level and on every team, including those with high-performance ratings.Facebook owner Meta Platforms told employees on Friday that it would stop developing smart displays and smartwatches and that nearly half of the 11,000 jobs it eliminated this week in an unprecedented cost-cutting move were technology roles.Speaking during an employee townhall meeting heard by Reuters, Meta executives also said they were reorganizing parts of the company, combining a voice and video calling unit with other messaging teams.The executives said that the first mass layoff in the social media company's 18-year history affected staffers at ...
Meta announces layoffs for 11,000 employees
Business

Meta announces layoffs for 11,000 employees

Meta announces layoffs for 11,000 employees - CBS News Watch CBS News Meta, the parent company of Facebook and Instagram, is cutting about 13% of its workforce. Carter Evans has the details. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link
Ethereum co-founder Vitalik Buterin says Meta’s metaverse ‘will misfire’
Technology

Ethereum co-founder Vitalik Buterin says Meta’s metaverse ‘will misfire’

Meta’s attempts to create a metaverse are not “going anywhere”, said Ethereum co-founder Vitalik Buterin. He believes that Meta’s concept of a virtual space will only “misfire.” The metaverse is a blend of offline and online experiences in an interactive digital space, where social interactions and transactions can occur simultaneously. In a tweet responding to Dialectic co-founder Dean Eigenmann, Buterin said that the venture capitalist may be wrong about the concept of the metaverse. He said while he isn’t against the metaverse and is bullish that the “metaverse is going to happen”, he thinks tech corporates such as Mark Zuckerberg’s Meta are not “going anywhere.” “We don’t really know the definition of ‘the metaverse’ yet, it’s far too early to know what people actually want,” he sai...
Facebook parent company Meta posts first revenue decline in history
Business

Facebook parent company Meta posts first revenue decline in history

Facebook and Instagram's parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. The company's stock dropped slightly in after-hours trading following the results, suggesting Wall Street was largely expecting the weak earnings report. The results also largely followed a broader decline in the digital advertising market that is dinging rivals such as Alphabet and Snap. Google's parent company reported its slowest quarterly growth in two years on Tuesday. Meta also faces some unique challenges, including the looming departure of its chief operating officer Sheryl Sandberg, the chief architect of the company's massive adv...