Facebook parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
Meta shares jumped 6 percent on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.
They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13 per cent of its workforce at the time, after an extensive hiring spree that doubled the employee count it had as of 2020.
In a message to staff, Chief Executive Mark Zuckerberg said most of the cuts would be announced in April and May, though in some cases they would continue through the end of the year.
هذه القصة مأخوذة من طبعة March 15, 2023 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 15, 2023 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
A vision for smart, resilient, inclusive cities
In a video interview with Aneeka Chatterjee, G HARI BABU, president of the National Real Estate Development Council (Naredco), the sector's regulatory body, identifies emerging investment hotspots, and the trends and technologies shaping the industry.
Beyond hurdles
Reforms and initiatives such as Rera and PMAY are helping transform an industry plagued by problems, writes Sanke
Financing the foundations
Housing finance companies see the sector expanding with tech adoption and government backing, writes Aathira Varier
Biggest gold ETFs lose bit of glitter this year
See $3.9 bn outflow in 5 months PUNEET WADHWA New Delhi, 30 May he world's largest gold exchange-traded funds (ETFs) by assets under management (AUM) GDX, ☐ Vaneck Vectors Gold Miners ETF ($13.26 billion), and GLD, SPDR Gold Trust ETF ($61.71 billion), have seen a net outflow of $3.95 billion year to date (CYTD), S&P Global Market Intelligence said in a recent note.
US rate outlook spooks markets
Nifty falls for fifth day, longest losing streak since October 2023
Demand uncertainty may weigh on Tata Steel
The Q4 results of Tata Steel and management guidance indicated that operational difficulties in Europe and the UK continued to offset the steel major's strong domestic performance.
FPI inflows may hit $2 bn a week if BJP wins: Nomura
A victory for Narendra Modi-led Bharatiya Janata Party (BJP) in the Lok Sabha elections is likely to see foreign portfolio investors (FPIs) return to Indian shores, said analysts at Nomura, who pegged their weekly inflow to the tune of $1 to 2 billion into the debt markets till the JP Morgan index inclusion date (June 28).
Monsoon sets in over Kerala, NE
Monsoon has arrived earlier than forecast; normal monsoon onset date is June 1 for Kerala and June 5 for the Northeast states SANJEEB MUKHERJEE & AGENCIES New Delhi, 30 May The southwest monsoon on Thursday set in over the Kerala coast and parts ☐ of the Northeast earlier than the forecast, marking the start of its four-month journey over India.
Half a century is just a number as Mungeshpur makes history
If summer of 2024 is remembered for record heat amid elections, Mungeshpur will find a mention too. Ashish Tiwari travels to the Delhi-NCR periphery to feel the heat of the place which made news at over 52 degrees Celsius
THE THIRD WHEEL
While everyone's attention is riveted on electric two-wheelers and cars, e-rickshaws have proliferat putting the unorganised sector in the forefront
