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The recent series of reductions specifically targets business organizations.

Latest round of cuts focuses on business groups

Latest round of cuts focuses on business groups

Meta Begins Third Round of Layoffs as Part of Multi-Billion Dollar Cost-Cutting Plan

Meta Platforms Inc. has started its third round of layoffs targeting members of its business groups as part of the company’s multi-billion dollar plan to save costs. Around 10,000 workers will be affected between the April and May cuts, following the company’s first round of layoffs in November that affected 11,000 employees. The move is part of Meta’s “year of efficiency,” which CEO Mark Zuckerberg pitched as necessary for the company to slim down and become more agile amid a slowed digital advertising market.

While not yet confirmed by the company, reports state that Meta employees with roles in user experience, marketing, recruiting, and engineering have been let go. The social networking giant is still investing heavily into the nascent metaverse, with its Reality Labs unit that is developing virtual reality and augmented reality technologies logging a $3.99 billion operating loss while generating $339 million in the first quarter.

Investors have praised Meta’s major cost-cutting, sending its shares up 177% to $264.74 since bottoming at under $89 in November. Despite the ongoing layoffs, the company is still investing in its future growth opportunities.

FAQs:

What prompted Meta to start its cost-cutting plan?

Meta’s so-called “year of efficiency” was pitched by CEO Mark Zuckerberg as necessary for the company to slim down and become more agile amid a challenging economy and weakened digital advertising market.

How many rounds of layoffs has Meta undergone?

Meta has undergone three rounds of layoffs, the first in November affecting 11,000 employees, the second in April targeting technical roles, and the third in May affecting members of its business groups.

How many workers will be affected by the latest round of layoffs?

Around 10,000 workers will be affected between the April and May cuts.

Latest round of cuts focuses on business groups
Latest round of cuts focuses on business groups

Business groups are the focus of the latest round of cuts.

Social media giant Meta Platforms has commenced its third round of job cuts in a bid to save costs. The latest cuts reportedly target members of Meta’s business groups and come after a previous round of layoffs in April, which affected employees in technical roles. Between the April and May cuts, around 10,000 workers will lose their jobs, following the company’s first round of cuts in November 2022 that affected 11,000 employees. While not yet confirmed by the company, employees with roles in user experience, marketing, recruiting, and engineering have taken to LinkedIn to confirm their layoffs. These job cuts are part of Meta’s so-called “year of efficiency.” Meta CEO Mark Zuckerberg explained that this move would help slim down the company and become more nimble amid a challenging economy and weakened digital advertising market. Despite the cost cuts, Meta is still investing heavily into the nascent metaverse and its Reality Labs unit. Investors have praised Meta’s major cost-cutting strategy, sending the social networking giant’s shares rising 177% to $264.74 since bottoming at under $89 in November.

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