Sun, Apr 2, 2023

Meta layoffs: Facebook parent Meta plans more job cuts

Written by  Shefali Kohli -- March 11th 2023 08:54 AM
Meta layoffs: Facebook parent Meta plans more job cuts

Meta layoffs: Facebook parent Meta plans more job cuts

US:  According to the media reports, Meta Platforms is planning for additional job cuts over several rounds in the next few months. 

The additional layoffs will be announced in multiple rounds over the coming months that in total would be roughly the same magnitude as the 13 per cent cut to its workforce last year.

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The first round of job losses is expected to be announced next week. 

Notably, Meta cut roughly 11,000 jobs, or about 13 per cent of its employees, last year. The reductions this year are expected to reach the same proportion of those who remain, the people said, though the final count of the cumulative cuts expected over the second quarter isn't yet clear.

Among projects that will be cut are some wearable devices that were in the works at 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 even as longer-term research efforts continue, reported sources. 

Meta Chief Executive Mark Zuckerberg previously said that 2023 would be a "year of efficiency" at Meta and that some projects would likely shut down at the company.

The continuing cuts are notable given Zuckerberg's prediction in October that the company would end 2023 with roughly as many employees as it had at that time.

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Meanwhile, technology companies including Inc., Microsoft Corp. and others have cut thousands of jobs this year and last as profits retreat from pandemic-induced highs. Since 2022, layoff tallies have reached nearly 300,000 workers. 



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