Meta Stock (NASDAQ:META)
During the same week that the business announced the last round of another 10,000 spring job cutbacks, Meta stock was on track to post its third consecutive daily gain and its third positive session this week, which would amount to a gain of 2.6%.
Talk of the “heaviest layoffs in big tech” and a “year of efficiency” have been two factors that have contributed to the stock’s almost tripling in price from November’s lows. Just in the year 2023, it increased by 108%.
Mark Zuckerberg, the CEO of Meta Platforms (NASDAQ:META), commented on the layoffs by saying that he hoped the company would continue to move toward more stability and less bureaucracy.
According to The Washington Post’s reporting from an internal corporate conference, Mark Zuckerberg said that “going through restructuring and layoffs and changes like this is obviously a very difficult thing.” “So it’s not like we’re going to end up exactly where we were before because that wasn’t my goal,” she said. “That’s just not going to happen.” I yearned to be in a more challenging environment.
According to the article, he said that one of the primary objectives is to create a “stronger technology company that can build better products faster.” “And second, we need to improve our financial performance to maintain our ambitious, long-term investments and vision in an environment that I continue to anticipate will be challenging.”
The corporation is on track to return to the same level of workforce it had in 2021, reversing more than a year’s worth of its regular rapid increase in manpower. It began firing recruiters in March, and then it fired off almost 4,000 personnel on technical teams in April. In May, Meta eliminated around 5,100 positions.
Meanwhile, the corporation intends to cut down its growth rate in the future so that shifting budget priorities may result in fewer people losing their jobs.
Featured Image: Unsplash
Author Shariq Khan 
