Meta reportedly plans ‘large-scale layoffs,’ however what of its metaverse division?

Social media and tech big Meta is reportedly gearing up for “large-scale layoffs” this week amid rising prices and a latest collapse of its share worth.

Based on Wall Avenue Journal (WSJ) report on Nov. 6 citing folks acquainted with the matter, the deliberate layoffs may influence hundreds of staff in a broad vary of divisions throughout Meta’s 87,000-strong workforce.

It isn’t at the moment understood whether or not the agency’s Actuality Labs division, which registered a $3.7 billion loss within the third quarter, would see employees cuts. 

Final week, Meta CEO Mark Zuckerberg mentioned that the corporate could be focusing its funding on “a small variety of high-priority progress areas,” together with its Synthetic Intelligence (AI) Discovery Engine and its commercial and enterprise messaging platforms along with the Metaverse, stating: 

“So which means some groups will develop meaningfully, however most different groups will keep flat or shrink over the subsequent 12 months […] In mixture, we count on to finish 2023 as both roughly the identical measurement, or perhaps a barely smaller group than we’re at present.”

In the course of the earnings name, the billionaire entrepreneur appeared to double down on the agency’s investments in these areas, saying he believes they’re “heading in the right direction with these investments” and will “preserve investing closely in these areas.”

Associated: Zuckerberg’s $100B metaverse gamble is ‘super-sized and terrifying’ — Shareholder

The report comes solely every week after Meta reported its third-quarter earnings, which missed income expectations and noticed an increase in its working prices. Its inventory worth additionally took a battering, with shares in Meta at the moment priced at $90.79 — down 7.56% over the past 5 days and 73.19% year-on-year, in line with Yahoo Finance.

The corporate seems to nonetheless be actively hiring into its metaverse division regardless, with its listing of job openings revealing 38 of its 413 listings are associated to Augmented Actuality and Digital Actuality.

Cointelegraph has reached out to Meta for clarification and whether or not there could be any adjustments to its metaverse division  however didn’t obtain an instantaneous response.