Meta Sorting 2023: According to media reports, Facebook’s parent company Meta Platforms is planning to cut additional jobs in several phases over the next few months, The Wall Street Journal (WSJ) reported. It will announce several rounds of additional layoffs in the coming months, according to people familiar with the matter, which will amount to a 13 percent reduction in its workforce last year.
The first job losses are expected to be announced next week, with non-engineering roles expected to be hit, The Wall Street Journal reported on Friday (March 10). Some projects and teams are also expected to be downsized. Meta cut about 11,000 jobs last year, or about 13 percent of its workforce. The cuts are expected to reach a similar proportion to those this year, the people said, although the final count of cumulative cuts expected in the second quarter is not yet clear.
Among the projects that will be cut are some wearable devices that were being worked on by Reality Labs, Meta’s hardware and Metaverse division, the people said, suggesting a near-term retreat from efforts to popularize virtual and augmented reality products. While the long-term research effort continues, shares of WSJ.Meta rose more than 2 percent in after-hours trading after The Wall Street Journal reported the planned cuts.
Here’s what Meta’s CFO said:
“We’re continuing to look at the company in the family of both Apps and Reality Labs, and really evaluating whether we can leverage our resources to the highest degree,” Susan Lee, Meta’s chief financial officer, said Thursday at Morgan Stanley 2023 Technology. Positioning toward opportunities.” , Media and Telecom Conference.
Meta CEO Mark Zuckerberg previously stated that 2023 would be “the year of efficiency” at Meta and that some projects at the company are likely to be closed. The continued cuts are notable considering Zuckerberg’s prediction in October that the company would end 2023 with roughly the same number of employees as it had then.
As the WSJ reports, the company sought to encourage more downgrades through a performance review process. Amazon.com Inc., Microsoft Corp. And others have cut thousands of jobs this year as profits from the pandemic-induced high retreated. Through 2022, the number of layoffs is projected to reach nearly 300,000 workers, according to Layoffs.fyi, which is tracking job cuts in the industry.
(With ANI inputs)
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