On October 10, 2023, Meta is planning to lay off employees in its metaverse silicon unit. This unit is responsible for creating custom chips for Meta's Reality Labs division, which develops augmented and virtual reality hardware. The number of layoffs is unknown, but the silicon unit currently has around 600 employees.
Meta has not yet provided an official statement about the layoffs. However, an internal post on the company's discussion forum Workplace has informed employees that they will know their employment status by Wednesday morning.
The layoffs come at a time when Meta is facing various challenges. Among those, there are declining revenue growth, high inflation, and questions about the company's investment in the metaverse. In March, CEO Mark Zuckerberg announced that Meta would slow down hiring and reduce costs. It resulted in 21,000 layoffs since November 2022.
It is still uncertain how these layoffs will affect Meta's metaverse plans. Although the company has invested heavily in the metaverse, it is still in the early stages of development. Moreover, it is unclear when it will become mainstream.
The layoffs at Meta indicate that the tech industry is experiencing several challenges, including slower revenue growth and rising costs, forcing some companies to lay off employees. This is a reversal of the trend we have seen in recent years when tech companies were aggressively hiring. It is uncertain how long this downturn will last, but the layoffs at Meta serve as a reminder that even the largest tech companies are not immune to economic downturns.
The tech industry is facing some challenges. This includes also slower revenue growth and rising costs, forcing some companies to lay off employees. This is a reversal of the trend we have seen in recent years when tech companies were aggressively hiring. It is uncertain how long this downturn will last, but it is important for job seekers to be prepared for a more competitive job market in the coming months.
Here are some tips for job seekers in this environment:
It's also important to remember that the job market is cyclical. Even if it's difficult to find a job now, the market will eventually improve. In the meantime, stay positive and focus on your job!