a meta morph

After Twitter, Meta is now planning to lay off a large number of employees. Practice can start as early as this week. The reduction in payrolls could be driven by the stagnation that Big Tech firms are facing in the form of a protracted boom. Meta, in particular, has been in the news for its poor performance in recent days, with its stock losing more than 70% of its market value this year as its social media business plateaus in major markets. But it’s CEO Mark Zuckerberg’s ambitious pivot to the Metaverse that seems to have investors most worried. With billions already pumped in for a future that still seems both impossible and far away, Meta’s fortunes will suffer if this grand bet doesn’t work out. For Indian information technology firms, however, the bleak prospects of Big Tech should not be so bad in the midst of a global slowdown in economic growth. While a downturn in major markets such as the US will curtail profits for some quarters, the fact that they rely on custom work rather than high-risk, high-return enterprises also preserves their core business model. Meta security is on the other end of the spectrum.

catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.

More
low