New Delhi: Meta Platforms Inc began rolling out the final batch of three-part layoffs on Wednesday as part of a plan to eliminate 10,000 roles in March, according to a source familiar with the matter.
In March Meta became the first big tech company to announce a second round of mass layoffs after more than 11,000 employees were shown the door in the fall. The cuts brought the company’s workforce down to where it stood as of mid-2021, following a hiring spree that more than doubled its workforce since 2020. ,Also Read: 8 Signs He Has A Crush On You: Check,
Some employees took to platforms such as LinkedIn on Wednesday to announce that they were expected to make deep cuts to advertising sales, marketing and partnership teams. ,Also Read: 9 Most Popular Mobile Phones Of All Time,
Meta shares were down 0.4% in premarket trading.
Meta CEO Mark Zuckerberg said in March that the bulk of the company’s second round of layoffs would occur in three “moments” over several months, roughly ending in May. He said that after this some short rounds may continue.
Overall the cuts affected non-engineering roles the most, reinforcing the predominance of code writers in Meta. Zuckerberg pledged in March to “substantially” reorganize business teams and return to a “more optimal ratio of engineers to other roles.”
The company most severely eliminated non-engineering roles such as material design and user experience research, according to executives who spoke at a company town hall afterward, amid cuts specifically targeted to technology teams.
After a small hit to recruiting teams in March, about 4,000 employees lost their jobs in April’s layoffs, Zuckerberg said during a town hall. Meta’s layoffs came after months of revenue growth amid high inflation and a digital advertising pullback from the pandemic e-commerce boom.
The company is also pouring billions of dollars into its metaverse-oriented Reality Labs unit, which is projected to lose $13.7 billion through 2022, and projects to shape its infrastructure to support artificial intelligence work.