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Wednesday April 24, 2024

Meta's latest round of layoffs to be focused on business groups

Following efforts to improve the company's efficiency, Meta CEO Mark Zuckerberg has shed a large number of jobs

By Web Desk
May 24, 2023
Meta laid off more than 11,000 of its staff in the most difficult changes we´ve made in Meta´s history, boss Mark Zuckerberg said on November 9, 2022. — AFP/File
Meta laid off more than 11,000 of its staff in "the most difficult changes we´ve made in Meta´s history," boss Mark Zuckerberg said on November 9, 2022. — AFP/File

Following the announcement of a multi-billion-dollar plan by Meta to cut costs, the company Wednesday said its latest round of layoffs would be focused on business groups, CNBC reported.

Previously, Meta's first round of layoffs in November affected 11,000 employees and was followed by another round of layoffs in April and May affecting the job of 10,000 workers who had "technical roles".

The announcement of layoffs was made by employees on LinkedIn to which Meta refused to respond.

However, the company's founder had warned of the potential layoffs in March. 

In the post, Zuckerberg said: " As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs — and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision.”

He added: “I understand that this update may still feel surprising, so I’d like to lay out some broader context on our vision, our culture, and our operating philosophy.”

According to Zuckerberg's post, the cuts are an effort to improve the company's efficiency which is necessary for the company to slim down and become more nimble amid a challenging economy and weakened digital advertising market.

After making a few layoffs, Meta has reported that its revenue has improved and received better reactions from its investors due to improved stocks.