Metaverse business is in the red, NFT withdrawal, personnel reductions Will the future of Meta, a major SNS company, depend on AI?

What exactly is happening to global IT companies?

Meta, a major social media company that operates Facebook and Instagram, is facing headwinds. The Metaverse business, which the company has focused on even by changing its company name, is incurring a loss of over 1 trillion yen in 2022, and there is no sign that it will produce any results at this point.

In March of this year, the company also announced its withdrawal from the NFT business, which it had been focusing on in recent years. The company has also announced that it will cut an additional 10,000 people in the coming months, following the 11,000 job cuts it implemented in November last year. The company has approximately 87,000 employees as of September 2022. The company will lay off 25% of its employees in just six months.