On Wednesday, Meta Platforms began the latest round of layoffs in three phases as part of a plan announced in March to cut 10,000 jobs, according to a source familiar with the process.
Meta became the first major technology company announce second round mass layoffs, after the announcement of a march of more than 11,000 people in the fall. The cuts have reduced the company’s workforce to where it was in mid-2021, after a hiring surge that has doubled headcount since 2020.
Some employees have turned to platforms such as LinkedIn on Wednesday to announce that they have been fired in a round that is expected to greatly impact teams from advertising sales, marketing and partnerships.
Executive President of Meta, Mark Zuckerberg, said in March that the bulk of the second-round layoffs would occur over three “moments” over several months, mostly ending in May. Then there may be small reductions in the workforce.
Overall, the layoffs hit non-engineering positions the most, reinforcing the lead of coders in Target. In March, Zuckerberg promised to “substantially” restructure business teams and return to “a better balance between engineers and other functions.”
Even among cuts specifically aimed at technological equipmentthe company has more aggressively moved away from non-technical functions such as content design and user experience research, according to several executives.
About 4000 employees of the company social network they lost their jobs due to layoffs in April, Zuckerberg said during a staff meeting following a small hit to team hiring in March.
The layoffs at Meta come after months of declining revenue amid high inflation and the decline in digital advertising following the pandemic boom in e-commerce.
Reuters
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
