Meta is laying off 10000 employees by april and may 2023. Are we into recession now?

Mark Zuckerberg Explained New Hiring Process After 10,000 layoffs.

Meta is the parent company of the Facebook and instagram

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Meta may layoff 10000 employees and will cancel 5000 unfulfilled positions as well.

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Mark announced his worker about layoffs and reorganization process through extended letter.

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In April and may, Meta will publish restricting measures and layoffs will be finished by end of 2023.

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In last quarter company’s net income was $4.65 billion

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As per news, this is 55% decrease from $10.29 billion compared to the year 2022.

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Tech industry has laid off around 300K tech employees so far.

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