Meta Platforms has announced plans to lay off “many thousands of people,” according to Investor’s Business Daily. This comes after a disappointing quarterly earnings call, where the company's stock fell by 5.3%.

Layoffs galore

Many believe that this latest round of layoffs is simply an effort to cut costs and try to salvage what is left of the company. It is unclear how many employees will be affected by these layoffs, but it is sure to have a significant impact on the company's workforce of 87,000. 

The news comes as a blow to those who had hoped that the Metaverse would be the next big thing in the world of online gaming and virtual reality. 

Investor outlook

Meta Platforms has been having a rough time lately. The company's stock has lost 70% of its value since the beginning of the year. CEO Mark Zuckerberg's version of the metaverse, known as Horizon Worlds, hasn't gone over well with investors.

It remains to be seen whether Meta will be able to turn things around. In the meantime, shareholders are unlikely to see much relief.