Tech Giant Cuts Jobs Despite Strong Profits
Meta, parent company of Facebook and Instagram, has initiated widespread layoffs impacting thousands of employees globally. The move comes as a surprise given Meta's recent $12 billion Q2 2023 profit report, sparking debates about corporate priorities in turbulent economic conditions.
Tech Sector Contradictions
The layoffs follow similar workforce reductions at Amazon, Google, and Microsoft, with the tech industry eliminating over 240,000 jobs globally this year according to Layoffs.fyi data. Analysts suggest companies are prioritizing AI development and cost-cutting measures despite stable revenues.
Worker Perspectives Emerge
Anonymous employees describe abrupt meeting cancellations and revoked system access preceding the cuts. \"We're seeing profitable companies use economic uncertainty as cover for restructuring,\" said labor analyst Priya Sharma. Meta has not disclosed specific numbers but confirmed impacts across engineering and product teams.
Global Tech Reset Continues
The layoffs highlight ongoing volatility in Big Tech, with workers facing new pressures even as companies invest billions in metaverse and AI projects. Economists warn these trends may reshape employment patterns in innovation hubs from Silicon Valley to Singapore.
Reference(s):
cgtn.com
