Meta to begin company-wide layoffs: Report
The workforce reductions are part of a cost-cutting campaign that will eventually eliminate 10,000 positions at the social media firm.
Meta is reportedly going to begin mass layoffs across the entire organisation, including Facebook, Instagram, and WhatsApp on Wednesday.
Bloomberg News reported that the workforce reductions are part of a cost-cutting campaign that will eventually eliminate 10,000 positions at the social media firm.
Meta has informed managers to prepare for the announcement of these job cuts, the report said, adding that Facebook, WhatsApp, and Instagram will all be affected. Its Reality Labs, which has researchers, developers, and engineers working on virtual reality and augmented reality gadgets, and its metaverse vision, will also be impacted.
The report stated that another round of job cuts is likely to happen next month.
In March, Meta CEO Mark Zuckerberg had revealed that the company would lay off about 10,000 employees months after it reduced its team size by cutting over 11,000 jobs.
These layoffs are part of a larger restructuring that would flatten the organisation’s hierarchy. The aim is to downsize and reorganise the company and slash recruiting rates.
Its cost-cutting efforts have come in response to a significant drop in ad revenue—an area where the company clocks much of its revenue.
There was some improvement to Meta’s fourth-quarter advertising revenue compared to the last three quarters, although it remained under pressure from weak advertising demand.
Meta’s Q1 2023 financial results will be released after market close on April 26, 2023.
Edited by Megha Reddy