Meta begins third round of layoffs: reports

by user


Meta Platforms Inc. has started to execute on its latest round of layoffs, according to reports.

The third round of cuts is part of a plan that Meta

Chief Executive Mark Zuckerberg announced in March in an effort to further slash costs at the social-media company. He said at the time that Meta would lay off about 10,000 workers while closing roughly 5,000 additional roles for which the company had yet to make hires.

The current rounds of cuts build on at least 11,000 layoffs that were announced last fall.

See more: Meta steadily rolls out 3-part round of layoffs

CNBC reported Wednesday that Meta employees in user experience, marketing and recruiting roles indicated they were affected by the current round of cuts.

Zuckerberg said in a March note to employees, which was also shared as a company blog post, that the company planned to make restructuring moves in its technology groups in late April before making changes to the business groups in late May.

Reuters reported that the latest layoffs mainly affect employees in non-engineering positions, part of Zuckerberg’s goal of boosting the ratio of engineers at Meta relative to other positions.

Don’t miss: Meta’s ‘outstanding’ stock rally can keep roaring, analyst says in upgrade

Meta declined to comment in response to a MarketWatch request for confirmation of the latest layoffs.

The company is in the midst of what Zuckerberg has dubbed a “year of efficiency,” which comes in response to investor concern last fall about high spending levels at the company alongside the backdrop of declining revenue. Meta has since become arguably the most aggressive of the largest public technology companies in its cost-cutting efforts.


Source link

Related Posts

Leave a Review

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy