Meta’s New Reality: Record High Profits. Record Low Morale

Next week, Meta is cutting about 10 percent of its staff. WIRED spoke with more than a dozen current and former employees about what it's like inside a company where "everyone is unhappy."

Meta is set to cut about 10 percent of its staff next Wednesday, May 20, in a move that will affect thousands of employees. The company's profits have reached a record high, with revenue exceeding $118 billion in 2022. Despite this financial success, morale among employees is at a record low, with many citing a toxic work culture and poor management. Meta's CEO Mark Zuckerberg has been criticized for his handling of the company's challenges, including increased competition from other social media platforms.

The layoffs at Meta will have a direct impact on the job market, particularly in the tech industry, where many companies are already experiencing a slowdown in hiring. This shift in the job market will affect the livelihoods of many individuals, including those who work in related fields or are looking to transition into the tech industry. The layoffs will also have a ripple effect on the overall economy, as reduced consumer spending and decreased economic activity can have far-reaching consequences. As a result, the layoffs at Meta will be closely watched by economists and industry experts.

Meta's current struggles are not new, as the company has faced numerous challenges in recent years, including increased regulatory scrutiny and growing competition from other social media platforms. The company's decision to cut staff is part of a larger trend in the tech industry, where many companies are looking to reduce costs and streamline operations. Insiders know that Meta's toxic work culture and poor management have been major contributors to the company's current struggles, and that these issues will need to be addressed in order for the company to move forward. Meta's history of prioritizing growth over employee well-being has led to the current situation.

On May 20, Meta will announce the details of its layoffs, including the number of employees affected and the departments that will be impacted. The company will also provide guidance on its future plans and strategy, which will be closely watched by investors and industry analysts. In the coming weeks, Meta's stock price will be closely monitored, as investors weigh the company's financial performance against its ongoing struggles with employee morale and management. Interestingly, despite the company's record profits, Meta's stock price has actually declined in recent months, suggesting that investors are increasingly skeptical of the company's long-term prospects.