As part of the strategy to eliminate 10,000 posts that was presented in March, Meta Platforms Inc. began carrying out the final batch in a three-part series of layoffs on Wednesday.
According to a source familiar with the subject, Meta Platforms Inc. began carrying out the final batch of a three-part series of layoffs on Wednesday. This was done as part of a plan revealed in March to cut 10,000 posts. Following the termination of approximately 11,000 workers in November 2022, this is the second round of layoffs that the technology company has implemented. After an extended period of extensive recruitment that resulted in the company’s workforce tripling since 2020, the most recent wave of layoffs has dropped the number of employees at the company to a level that is close to that of around the middle of 2021.
It is predicted that the advertising sales, marketing, and partnership departments would all suffer substantial blows as a result of this round of layoffs. The employees that were affected posted the information on LinkedIn.
Mark Zuckerberg, the CEO of Meta, has stated that the majority of the company’s second wave of layoffs will take place over the course of three distinct phases that will be stretched out over a number of months, with the process primarily coming to a close in May. He further implied that lesser rounds of layoffs might still occur after that amount of time had passed.
The overall impact of these layoffs was primarily felt in professions other than engineering, which highlights the importance of individuals at Meta who are involved in programming and coding. In an effort to strike a better balance between the number of software developers and employees working in other departments, Facebook CEO Mark Zuckerberg has pledged to radically restructure the company’s business teams in the month of March.
One of the factors that led to Meta making the decision to implement layoffs was a slowdown in revenue growth over a period of many months, which was caused both by high inflation and a decline in digital advertising because of the waning impacts of the pandemic-driven e-commerce rush. Both of these factors contributed to a decrease in digital advertising.
Additionally, through its Reality Labs business, Meta has been making enormous investments on the building of the metaverse, totaling billions of dollars. These investments have been made. On the other hand, this division incurred a significant loss of $13.7 billion in the year 2022. In addition, Meta has been working on a project to strengthen its infrastructure in order to better support activities involving artificial intelligence and increase the likelihood of those efforts being successful.