The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Saturday, June 10, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home Exchanges

Meta Platforms: The Metaverse weighs down accounts, massive layoffs in sight

by Ashutosh Thakur
November 7, 2022
in Exchanges
129
0
Meta Platforms: The Metaverse weighs down accounts, massive layoffs in sight
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Like many other tech companies bracing for an increasingly certain recession, Meta, the parent company of Facebook, Instagram and WhatsApp, is reportedly predicting a wave of mass layoffs as early as this week.

The Wall Street Journal revealed on Sunday November 6 that according to sources close to the company, several thousand jobs would be affected, and an announcement is expected later this week.

WSJ sources also clarified that the management of Meta Platforms (ex-Facebook) had already frozen all non-essential travel, in anticipation of this layoff plan.

Recall that Meta, formerly Facebook, hired more than 27,000 employees in 2020 and 2021 combined, in the face of a sharp increase in its activity in the period of the pandemic, thanks to the confinements which largely increased the consumption of social media. The company now has approximately 87,000 employees worldwide in total.

But the end of the covid-19 effect with the reopening of most economies for several months, and the rise in central bank rates in a context of very high inflation, has suddenly darkened the picture for the company.

Moreover, the latest quarterly results published by Meta provided a stark illustration of the reversal of the situation that Meta has undergone in recent months. Q2 results released in July reported EPS of $2.46, versus 2.54 expected, and down sharply from $3.61 in the same quarter a year earlier.

And the Q3 results published two weeks ago were even worse, with EPS at $1.64 versus $1.93 expected, and compared to $3.22 a year earlier. This publication had caused a plunge of more than 20% of the action in a single session.

Cryptocurrency investing is offered by eToro (Europe) Ltd as a PSAN, registered with the AMF. Cryptocurrencies are very volatile. No consumer protection.

During the company’s third-quarter earnings conference call, CEO Mark Zuckerberg said some teams will still grow.

RelatedPosts

Coinbase: the United States tax authorities (IRS) can access customer data

Uniswap DAO Rejects Proposal to Introduce Protocol Fee

Arbitrum: 4,000 ETH flown on the Jimbos protocol in a hack

However, he had already provided a clue as to the looming layoffs, confessing that most of Meta’s teams will “stay flat or shrink over the next year.”

“We expect to end 2023 being either about the same size or even a slightly smaller organization than we are today,” he said.

Still based on the Q3 results, we can assume that Meta’s setbacks are largely related to its efforts in the field of Metaverse.

Indeed, spending at its Metaverse division, Reality Labs skyrocketed, posting an operating loss of $3.7 billion for the period.

Elsewhere, Meta’s virtual world, known as Horizon Worlds, received mixed reception, with user numbers dropping to less than 200,000 over the course of the year.

“We expect Reality Labs’ operating losses in 2023 to increase significantly year over year,” the company also said at the time of publication.

“Beyond 2023, we plan to pace Reality Labs’ investments such that we can meet our goal of growing overall business operating profit over the long term,” the company added.

In other words, the Metaverse weighs down Meta’s accounts, but the company still intends to persist on this path. So the massive layoffs expected to be announced this week are part of Meta’s effort to fund its plan to become the leader of the Metaverse.

After all, it was to reflect these ambitions that the company changed its name to Meta Platforms in October 2021! But in the end, it is not guaranteed that it will succeed.

Indeed, the general public is wary of a virtual world dominated by Meta, given the company’s track record on privacy and data protection.

Moreover, the global trend towards decentralization in all areas, driven by the revolution of cryptocurrenciesalso makes the idea of ​​a Meta-stamped metaverse unattractive…

In the end, the stock market setbacks of Meta Platforms could therefore continue as long as Mark Zuckerberg persists in wanting to dominate a metaverse that does not yet exist.


Are you looking for high potential investments? Check out our guide to cryptocurrencies that will explode !

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

Coinbase: the United States tax authorities (IRS) can access customer data
Exchanges

Coinbase: the United States tax authorities (IRS) can access customer data

June 3, 2023
1.9k
Uniswap DAO Rejects Proposal to Introduce Protocol Fee
Exchanges

Uniswap DAO Rejects Proposal to Introduce Protocol Fee

June 2, 2023
1.9k
Arbitrum: 4,000 ETH flown on the Jimbos protocol in a hack
Exchanges

Arbitrum: 4,000 ETH flown on the Jimbos protocol in a hack

May 29, 2023
1.9k
Anti-Bitcoin war in the USA: Gemini confirms its desire for Europe
Exchanges

Anti-Bitcoin war in the USA: Gemini confirms its desire for Europe

May 27, 2023
1.9k
Chaos on Multichain: the Fantom Foundation explains its massive withdrawal
Exchanges

Chaos on Multichain: the Fantom Foundation explains its massive withdrawal

May 26, 2023
1.9k
Europe and crypto regulation: OKX wants to settle in France
Exchanges

Europe and crypto regulation: OKX wants to settle in France

May 23, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
Altcoins: Is Binance Coin (BNB) in danger from SEC attack?

Altcoins: Is Binance Coin (BNB) in danger from SEC attack?

June 9, 2023
On the issue of Bitcoin (BTC) supply

On the issue of Bitcoin (BTC) supply

June 8, 2023
Bali wants to crack down on crypto-payments

Bali wants to crack down on crypto-payments

June 7, 2023
Binance under dark clouds

Binance under dark clouds

June 7, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version
x
x