Facebook Parent Meta to Cut 11,000 Jobs; Mark Zuckerberg Says ‘I Got This Wrong’

    Facebook parent Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs.
    By: BLOOMBERG
    | Updated on: Nov 09 2022, 22:56 IST
    Trojan virus: 9 Android Apps flagged; your Facebook password is under threat from hackers
    Trojan virus: 9 Android smartphone apps were flagged by the cyber security firm that you must beware of and delete immediately as they can steal your Facebook password.
    1/12 Trojan virus: 9 Android smartphone apps were flagged by the cyber security firm that you must beware of and delete immediately as they can steal your Facebook password. (MINT_PRINT)
    This development will shock every Android smartphone owner. A cyber security firm has warned about Trojan virus on 9 Android Apps that can cause immense loss. The malicious malware is being used by hackers who upload their apps on Google Play Store from where unsuspecting users then download them on their smartphones. These hackers have different ways to bypass Google’s security gates.  Find and delete them: These 9 Android apps can steal Facebook users’ login names and even passwords! These Android apps have infected more than 5,856,010 users' smartphones, according to Doctor Web. To protect yourself from these malicious Android apps, you must find out if they are there on your smartphone and delete them immediately.
    2/12 This development will shock every Android smartphone owner. A cyber security firm has warned about Trojan virus on 9 Android Apps that can cause immense loss. The malicious malware is being used by hackers who upload their apps on Google Play Store from where unsuspecting users then download them on their smartphones. These hackers have different ways to bypass Google’s security gates.  Find and delete them: These 9 Android apps can steal Facebook users’ login names and even passwords! These Android apps have infected more than 5,856,010 users' smartphones, according to Doctor Web. To protect yourself from these malicious Android apps, you must find out if they are there on your smartphone and delete them immediately.
    How Facebook account passwords were stolen: Doctor Web’s malware analysts said that these Android apps are stealer trojans and were spread as harmless software. When they were being downloaded from Play Store, users were asked to log onto their Facebook accounts in order to get access to all of the apps’ functions. Users were shown the standard Facebook login page which made it seem genuine. Hackers then managed to access user’s Facebook credentials.   In fact, Dr Web had found 10 trojan apps, but out of these, 9 were available on the Google Play Store.
    3/12 How Facebook account passwords were stolen: Doctor Web’s malware analysts said that these Android apps are stealer trojans and were spread as harmless software. When they were being downloaded from Play Store, users were asked to log onto their Facebook accounts in order to get access to all of the apps’ functions. Users were shown the standard Facebook login page which made it seem genuine. Hackers then managed to access user’s Facebook credentials.   In fact, Dr Web had found 10 trojan apps, but out of these, 9 were available on the Google Play Store.
    Processing Photo by the developer chikumburahamilton
    4/12 Processing Photo by the developer chikumburahamilton (Dr Web)
    App Lock Keep from the developer Sheralaw Rence
    5/12 App Lock Keep from the developer Sheralaw Rence (Dr Web)
    Rubbish Cleaner from the developer SNT.rbcl
    6/12 Rubbish Cleaner from the developer SNT.rbcl (Dr Web)
    Horoscope Daily from the developer HscopeDaily momo
    7/12 Horoscope Daily from the developer HscopeDaily momo (Dr Web)
    Horoscope Pi from the developer Talleyr Shauna
    8/12 Horoscope Pi from the developer Talleyr Shauna (Dr Web)
    App Lock Manager from the developer Implummet col
    9/12 App Lock Manager from the developer Implummet col (Dr Web)
    Lockit Master from the developer Enali mchicolo
    10/12 Lockit Master from the developer Enali mchicolo (Dr Web)
    Inwell Fitness from the developer Reuben Germaine
    11/12 Inwell Fitness from the developer Reuben Germaine (Dr Web)
    PIP Photo by the developer Lillians
    12/12 PIP Photo by the developer Lillians (Dr Web)
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    A cyclist rides past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. (REUTERS)

    Facebook parent Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant's history.

    The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement. The company will also extend its hiring freeze through the first quarter.

    “I want to take accountability for these decisions and for how we got here,” Zuckerberg said in the statement that was sent to Meta employees and posted on the company's website. “I know this is tough for everyone, and I'm especially sorry to those impacted.”

    The company said that while reductions will happen across the company, its recruiting team will be disproportionately affected and its business teams would be restructured “more substantially.” Meta will also reduce its real estate footprint, review its infrastructure spending and transition some employees to desk sharing, with more cost-cutting announcements expected in the coming months.

    Meta, whose stock has plunged 71% this year, is taking steps to pare costs following several quarters of disappointing earnings and a slide in revenue. The retrenchment, the company's most drastic since the founding of Facebook in 2004, reflects a sharp slowdown in the digital advertising market, an economy wobbling on the brink of recession and Zuckerberg's multibillion-dollar investment in a speculative virtual-reality push called the metaverse.

    The shares rose about 5% in New York as the markets opened on Wednesday.

    Zuckerberg said in the statement that he'd anticipated that the surge in e-commerce and web traffic from the beginning of the Covid-19 lockdowns would be part of a permanent acceleration. “But the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than expected. I got this wrong.”

    Meta is joining a spate of technology companies that have announced job cuts in recent weeks or said they planned to pause hiring. Corporate software maker Salesforce Inc. on Tuesday said it cut hundreds of workers from sales teams, while Apple Inc., Amazon. com Inc. and Alphabet Inc. have all slowed or paused hiring. Snap Inc., parent of rival app Snapchat, is also scaling back, saying in August that it would eliminate 20% of its workforce.

    In a particularly chaotic round of dismissals, Twitter Inc. cut roughly half of its workforce last week with many employees finding out they'd lost their jobs when they were suddenly cut off from Slack or email.

    At Meta, employees will continue to have access to their emails so that they can say goodbye to colleagues, though they've been cut off from more sensitive corporate systems, Zuckerberg said. US workers who were cut will also get 16 weeks of their base salary as severance, plus two weeks for every year they worked at the company. The company is also offering six months of health-care coverage as well as career services and immigration support. Packages will be similar outside the US, in keeping with local employment laws, it said.

    Zuckerberg had warned employees in late September that Meta intended to slash expenses and restructure teams to adapt to a changing market. The Menlo Park, California-based company, which also owns Instagram and WhatsApp, implemented a hiring freeze, and the CEO said at the time that Meta expected headcount to be smaller in 2023 than it is this year.

    “This is obviously a different mode than we're used to operating in,” Zuckerberg said in a Q&A session with employees in September. “For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time. So we have to adjust.”

    Even with the cuts, Meta continues to expect that losses in the Reality Labs division, which houses the metaverse investments, will grow “significantly” year-over-year in 2023, the company said in a separate regulatory filing on Wednesday.

    Zuckerberg has been asking investors for patience as he pours billions into his vision for the next big computing platform after mobile phones: the metaverse, a collection of digital worlds accessed through virtual and augmented-reality devices. The effort requires intensive investment in hardware and research that may not pay off for many years from now.

    Meanwhile, growth at the flagship Facebook social network is stagnating. The company is working to accelerate it, and continue to add users to photo-sharing app Instagram, by experimenting with a more interest-based algorithm and short-form videos called Reels.

    Now, Zuckerberg has to pull off his major corporate transitions with fewer people.

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    First Published Date: 09 Nov, 22:55 IST
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