After 11,000 layoffs last year, Facebook parent Meta starts another round of job cuts across ad sales, marketing, partnerships teams
Photo : AP
Meta Platforms Inc, the parent company of popular social media platforms WhatsApp, Instagram, and Facebook, initiated a new round of layoffs on Wednesday as part of its strategy to reduce its workforce by 10,000 employees. The development marks the second wave of job cuts after the tech giant eliminated approximately 11,000 positions in November 2022. The latest round of layoffs has scaled down the company’s workforce to a level comparable to mid-2021, following a period of extensive recruitment that led to a doubling of its staff since 2020.
Employees affected by the layoffs turned to professional networking platform LinkedIn to share the news, with significant impacts expected in the ad sales, marketing, and partnerships teams, reported Reuters.
In March, Meta’s Chief Executive, Mark Zuckerberg, revealed that the majority of the second round of layoffs would occur in three distinct phases spread over several months, with the process primarily concluding in May. He also hinted at the possibility of further smaller layoffs occurring after that timeframe.
The brunt of the job cuts has been borne by non-engineering roles, underscoring the significance of individuals involved in coding and programming at Meta. Zuckerberg had previously committed to a substantial reorganization of the company’s business teams, aiming to strike a more optimal balance between engineers and employees in other functions.
During an internal town hall meeting, company executives disclosed that even within the technology teams, non-engineering positions such as content design and user experience research were being heavily targeted for elimination. Zuckerberg noted that approximately 4,000 employees were laid off in April, following a smaller reduction in recruiting teams in March, the report added.
The decision to implement layoffs at Meta was driven by multiple factors, including a decline in revenue growth spanning several months. This decline was influenced by a combination of high inflation and a reduction in digital advertising due to the diminished impact of the pandemic-induced e-commerce surge.
Furthermore, Meta has made significant investments, totaling billions of dollars, in its Reality Labs division, which focuses on the development of the metaverse. However, this division incurred a substantial loss of $13.7 billion in 2022. Additionally, Meta has undertaken an infrastructure enhancement project to effectively support its artificial intelligence initiatives.
Meta Platforms Inc remains committed to navigating these changes while maintaining its position as a leading player in the dynamic social media landscape.
Source:After 11,000 layoffs last year, Facebook parent Meta starts…
Discovered on: 2023-05-24 14:24:12