Google And Meta To Reduce Staff and Costs: Report

Google and Meta to reduce staff as part of cost-cutting measures: Report

These moves show how businesses are preparing for an economic downturn.

As a result of the COVID-19 economic shutdown, the turmoil in Ukraine and worries about climate change have had a significant impact on the stagnation of the world economy. This adverse situation is having a negative impact on job creation globally. All this has led to a situation where even a small report of layoffs at large corporations causes a negative concussion in the business world.

According to a report in The Wall Street Journal (WSJ).

The agency added that Meta hopes to reduce its costs by at least 10% in the coming months by reorganizing departments and giving employees the opportunity to apply for other positions within the company. .

The Magazine added that all these measures would lead to a reduction in employment. It is anticipated that cost-cutting will begin in the next few months.

In July, Meta Platforms Inc. issued a bleak forecast after posting quarterly revenue declines for the first time, with recession fears and competitive pressure weighing on the company’s digital ad sales.

The company said it expects third quarter revenue fell to $26 billion and $28.5 billion, making it its second consecutive decline in the past year. Analysts were expecting $30.52 billion.

WSJ adds that Google has also asked some employees to look for internal roles if they want to stay at the company. Last week, Google told about half of the more than 100 employees at the company’s ‘Region 120’ start-up incubator that they would need to find a new internal role within 90 days.

Cost-cutting measures taken by Google and Meta reveal how these ad-based tech giants are preparing for an economic downturn.

Both companies have previously hinted that they are considering cost-cutting measures.

Sundar Pichai, CEO of Alphabet, reported Notified Google employees in July, the company will reduce hiring for the rest of the year.

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