Meta Platforms, formerly known as Facebook, has announced multiple rounds of layoffs as part of a plan to restructure the company and create a leaner, more technical operation in response to challenges including revenue declines, heightened competition, and concerns over user growth. CEO Mark Zuckerberg first revealed the plan in March, promising to cut 10,000 jobs in total.
The layoffs began in November 2020, with the company reducing its global workforce by 13% or 11,000 jobs. Since then, the company has continued to lay off employees, with multiple rounds targeting different areas of the business. The most recent round of layoffs, the company’s third, will result in nearly 6,000 employees losing their jobs, reducing the global workforce by 25% to around 66,000.
The announcement demonstrates Zuckerberg’s commitment to creating a more streamlined and efficient operation through a focus on technical roles and the development of artificial intelligence. Among the job losses are non-engineering roles such as content design and user experience research, with some high-level executives also being let go as the company flattens layers of management.
The impact of the layoffs is being keenly felt across Meta, with employees expressing shock and disappointment at being laid off. The cuts have targeted multiple areas of the business, including operations, project management, marketing, policy, communications, and risk analytics. Some of the hardest-hit areas have been partnerships and marketing, with a reduction in partnerships expected to see headcount cut by half or more.
The company’s international headquarters in Dublin has also been heavily impacted, with around 20% of its Irish workforce losing their jobs. Executives in key market India have also been let go, with the exact impact of the cuts on different regions and business units still being assessed.
Despite the challenges and impact of the layoffs, Meta’s shares have remained relatively stable, with a 0.5% increase in response to the news of the latest round of cuts. The company is continuing to focus on developing its metaverse-oriented Reality Labs unit and on whipping its infrastructure into shape to support artificial intelligence work.
As the company continues to restructure and streamline its operations, employees and investors alike will be watching closely to assess the impact of the layoffs and the direction that Meta is taking in response to the challenges it faces.
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