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Meta to axe 10,000 more jobs in second round of cuts

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The social media giant is bracing for an economic downturn

Meta Platforms announced Tuesday that it will axe 10,000 more jobs – its second round of mass layoffs – as the tech industry braces for a deep economic downturn.

The job cuts – which come after the company slashed 11,000 jobs in November – are part of a larger restructuring plan, as CEO Mark Zuckerberg declared last month that 2023 would be Meta’s “year of efficiency.”

The owner of Facebook and Instagram, which had been pouring billions of dollars into building the futuristic metaverse, has struggled with a slump in advertising.

“This is really Zuckerberg and Meta ripping the band-aid off, in terms of the cost structure,” Daniel Ives, Senior Equity Analyst at Wedbush Securities said.

“Clearly, they’ve seen headwinds, and it’s really a 180-degree turnaround in terms of what we saw from a year ago, where this company was spending money like 1980 rock stars.

“This metaverse strategy is really starting to reverse course as Zuckerberg is reading the room – that’s what Wall Street wants to see.”

In a message to staff, Zuckerberg called 2022 “a humbling wake-up call” and said while the latest job cuts would be announced in April and May, they could continue through the end of the year.

Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to fellow Big Tech firms Amazon and Microsoft.

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Boeing face delivery delays following guilty criminal charge plea

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Boeing’s deliveries are down after months of controversy, is it because they can’t make the planes, or because airlines right now don’t want them?

Boeing has agreed to plead guilty to a charge of conspiracy to defraud the United States in connection with the investigation into two fatal crashes involving its 737 MAX aircraft.

Boeing reported a significant 27% decrease in deliveries for June compared to the same month last year, possibly attributing the decrease to the companies ongoing controversies.

Aviation expert Geoffrey Thomas joins to discuss. #featured

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Blockchain sparks a transformative influence in Australia

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Professor unveils blockchain’s role in transforming the economy and innovative projects taking place at RMIT University.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, BTC Markets CEO Caroline Bowler interviews Professor Chris Berg, Director of RMIT Digital3 and Co-Founder of the Blockchain Innovation Hub at RMIT University. They discuss RMIT’s cutting-edge projects and the transformative impact of blockchain technology in Australia.

Professor Berg shares insights into RMIT’s Digital3 philosophy, which combines research, innovation, and collaboration to drive the digital economy. Learn about groundbreaking initiatives in blockchain, cyber security, and AI, and how these disruptive technologies are reshaping business, government, and society.

Discover how RMIT is leading the charge in rethinking and regenerating the way we work through world-class research and tailored education, offering a glimpse into the future of technology and its potential to benefit both the economy and society. #crypto corner

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From $25K to $1.5M in real estate: expert unveils game-changing strategy for investors

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Empower your property investing with these key tips

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Dean Fraser, Founder and CEO of BrickFloor. #trending #wyld money

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