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Meta Platforms Inc. began its latest round of layoffs Wednesday, this time cutting technical positions.
Facebook’s parent company
META,
in the midst of slashing 21,000 jobs, is making the cuts a week before it announces fiscal first-quarter results on April 26. Meta Chief Executive Mark Zuckerberg has repeatedly called 2023 a “year of efficiency” for the social-networking company as it navigates a downturn in digital advertising, its financial lifeblood.
It is unclear how many jobs are being eliminated in this round, though Vox reported Tuesday it would be “in the range” of 4,000 people. Yet another round is planned for employees in the company’s business groups in May, according to people familiar with Meta’s strategy.
Meta is one of a number of tech companies making job cuts in recent months. Netflix Inc.
NFLX,
Salesforce Inc.
CRM,
and Amazon.com Inc.
AMZN,
have done the same, and Alphabet Inc.’s
GOOGL,
GOOG,
Google is expected to announce additional layoffs soon.
Meta shares, which are up 80% so far this year, were flat in early afternoon trading Wednesday.
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