Layoffs: Facebook’s parent company Meta is planning more layoffs in coming months, reported The Wall Street Journal (WSJ).
According to persons familiar with the situation, the new layoffs will be disclosed in various phases over the coming months and will be around the same magnitude as the 13% cut to its employees last year. The first layoffs are scheduled to be announced next week, with non-engineering positions expected to be particularly hard hit, according to The Wall Street Journal. Some initiatives and teams are also predicted to fail.
Last year, Meta lost over 11,000 positions, or nearly 13% of its workforce. According to the persons, the cutbacks this year are projected to approach the same proportion of those who stay, though the exact figure of the cumulative cuts expected for the second quarter is not yet known.
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Several wearable gadgets in the works at Reality Labs, Meta’s hardware and metaverse subsidiary, will be cut, according to the people, implying a near-term retreat from efforts to popularise virtual and augmented reality products even while longer-term research activities continue, according to the WSJ.
After-hours trading in Meta shares increased by more than 2% after The Wall Street Journal reported the impending layoffs.
Meta Chief Financial Officer Susan Li said Thursday at the Morgan Stanley 2023 Technology, Media & Telecom Conference, “We’re continuing to look across the company, across both Family of Apps and Reality Labs, and really evaluate are we deploying our resources toward the highest leverage opportunities.”
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Facebook CEO Mark Zuckerberg has stated that 2023 would be a “year of efficiency” for the corporation, with several initiatives likely to be discontinued.
The ongoing layoffs are remarkable in light of Zuckerberg’s projection in October that the business would conclude 2023 with approximately the same number of employees it had at the time.
According to the WSJ, the corporation attempted to induce greater attrition through the performance evaluation process.
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