Activist company

This company plans to reduce office space as more employees transition to working from home. Details here

New Delhi: Since some of the employees are unwilling to return to the workplace, Meta (which owns Facebook and Instagram) reportedly intends to reduce its office space. For the uninitiated, senior Meta executives, including CEO Mark Zuckerberg, have embraced working from home. While CEO Zuckerberg likes to work from his compound in Hawaii, Instagram Adam Mosseri, Chief Product Officer at Instagram, has been working remotely from Los Angeles.Also Read – This Company Offers Home Work for Candidates and Starts 100% Hiring in India. Details here

Meanwhile, revealing its third-quarter results, the social media giant said Meta’s revenue fell 4% year-over-year to $27.7 billion. The company reported net income of $4.395 billion, down from $9.194 billion year-over-year. This decline is due to Meta’s huge losses in Reality Labs, Meta’s virtual reality division, which lost $3.672 billion in the third quarter. This comes as Meta, including its senior executives, shifts to remote working, Business Insider reported.
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The portal said Meta employees should spend at least half their time in the office. Any full-time Meta employee who can work online can apply to become a fully remote worker. Also Read – Instagram test feature that would allow users to add a song to profile

On the other hand, the social networking giant, which had 87,314 employees as of September 30, is working to reduce its workforce. Meta investors have called on the company to cut its workforce by at least 20% and stop investing in the metaverse.

In a scathing critique of Meta CEO Mark Zuckerberg, Altimeter Capital Chairman and CEO Brad Gerstner said the social network needed to further downsize and stop overspending on the metaverse to regain its “mojo.” At Meta, the number of employees has more than tripled from 25,000 to 85,000 employees in the past four years alone.