News Brief
Final Phase Of Layoffs: Meta Completes Workforce Downsizing, Job Cuts Reach 10,000
Facebook/Meta
Meta, the parent firm of Facebook, has completed the last phase of its plan to remove overall 10,000 positions by implementing a series of job cuts across its business and operations units.
This action was part of an earlier announcement made in March and marks the third and final phase of layoffs in the company.
Meta employees across several teams including marketing, site security, enterprise engineering, program management, content strategy, and corporate communications shared news of their job losses on LinkedIn.
The company also downsized the workforce in units focusing on privacy and integrity, according to LinkedIn posts, reports Business Today.
Meta made headlines earlier this year as the first major tech firm to announce a second round of significant layoffs. The previous fall had seen over 11,000 employees let go, returning headcount to mid-2021 levels.
The company's shares rose slightly higher despite job cuts, amidst a largely weaker market. The company's focus on artificial intelligence and cost-cutting strategies has resulted in its stock doubling in value this year, positioning it as one of the leading performers in the S&P 500 index, according to the report.
Mark Zuckerberg, the CEO of Meta, announced in March that the second round of layoffs would happen in three phases over a few months with most of the process ending in May. There may be additional smaller rounds of layoffs after that.
Job cuts at Meta primarily affected the non-engineering roles. As per the report, Zuckerberg aims to restructure the business teams and achieve an optimal engineer-to-other-roles ratio.
Zuckerberg shared during the town hall that 4,000 workers were laid off in April, with a smaller team reduction in March.
As per the report, the company's Reality Labs unit, invested with billions of dollars, is concentrated on enhancing the metaverse while also boosting its infrastructure to support artificial intelligence initiatives. However, in 2022, the unit incurred a massive loss of $13.7 billion.
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