Facebook's parent company Meta announced this week it would be laying off 11,000 people, about 13 per cent of its workforce, as it continues to face faltering revenue and broader problems in the technology industry.
The layoffs are also a 180-degree turn from last March when the company was set to hire 2,500 employees in Canada alone. Some experts say the company sunk its finances into its Metaverse initiative but lost focus on some of its other services resulting in the financial slump.
Anne Gaviola takes a look at the impact of revenue downturns in the tech industry and why analysts say it can be a bellwether for the wider economy.
For more info, please go to https://globalnews.ca/news/9266161/meta-layoffs-why-tech-companies-are-cutting-staff/
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The layoffs are also a 180-degree turn from last March when the company was set to hire 2,500 employees in Canada alone. Some experts say the company sunk its finances into its Metaverse initiative but lost focus on some of its other services resulting in the financial slump.
Anne Gaviola takes a look at the impact of revenue downturns in the tech industry and why analysts say it can be a bellwether for the wider economy.
For more info, please go to https://globalnews.ca/news/9266161/meta-layoffs-why-tech-companies-are-cutting-staff/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews
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