Facebook owner Meta begins last layoffs. According to a source, Meta Platforms Inc. (META.O) began the last three-part wave of layoffs on Wednesday as part of a March plan to cut 10,000 jobs.
After laying off 11,000 workers in the autumn, Meta became the first Big Tech company to announce a second round of layoffs in March. After doubling its personnel since 2020, the cuts reduced the company’s headcount to mid-2021.
On Wednesday, some employees announced their layoffs on LinkedIn, which was expected to hit the ad sales, marketing, and partnerships teams hard.
In March, Meta CEO Mark Zuckerberg stated the second round of layoffs would occur in three “moments” over several months, mostly in May. After that, he indicated smaller rounds could follow.
Non-engineering roles were hurt worst, emphasizing Meta’s coders. Zuckerberg promised in March to “substantially” restructure business teams and return to a “more optimal ratio of engineers to other roles.”
At a business town hall, executives said the corporation greatly reduced non-engineering roles like content design and user experience research.
During the town hall, Zuckerberg claimed that 4,000 employees were laid go in April following a March recruiting team cut.
Meta’s layoffs followed months of declining revenue due to soaring inflation and a digital ad pullback from the pandemic e-commerce boom.
The business has invested billions in its metaverse-focused Reality Labs unit, which lost $13.7 billion in 2022, and an artificial intelligence infrastructure project.
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