Last Update: May 25, 2023, 06:38 AM IST
Meta’s layoffs came after months of revenue growth amid high inflation and a digital advertising pullback from the pandemic e-commerce boom.
Meta laid off dozens of employees working in marketing, program management, content strategy and corporate communications
Facebook owner Meta Platforms Inc slashed jobs across its business and operations units on Wednesday as it carried out its final batch of a three-part layoff, part of a plan to eliminate 10,000 roles announced in March.
Dozens of employees who worked in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications announced on LinkedIn that they had been laid off.
The social media giant also laid off employees from its units focused on privacy and integrity, according to a LinkedIn post.
Meta became the first big tech company to announce a second round of mass layoffs earlier this year after more than 11,000 employees were shown the door in the fall. The cuts brought the company’s headcount down to where it stood as of mid-2021, following a hiring spree that more than doubled its workforce since 2020.
Shares of the company ended with marginal gains in a broadly weak market. Their value has more than doubled this year and is among the top performers on the S&P 500 index thanks to a cost-cutting drive and Meta’s focus on artificial intelligence.
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, which would largely end in May. After that some short rounds may continue.
Overall the reductions affected non-engineering roles the most, reinforcing the predominance of coders in the meta. Zuckerberg has pledged to “substantially” reorganize business teams and return to a “more optimal ratio of engineers to other roles”.
The company hit non-engineering roles like material design and user experience research the most severely, according to executives speaking at a company town hall after the last round of layoffs in April, amid cuts specifically targeted to technology teams. has ended.
About 4,000 employees lost their jobs in April, Zuckerberg said during a town hall after a smaller hit to recruiting teams in March.
The social media company said on Wednesday that the latest cuts are likely to affect around 490 employees at its international headquarters in Dublin, or around 20% of its Irish workforce.
Two top executives at Major Bazaar India — marketing director Avinash Pant and director and head of media partnerships Saket Jha Saurabh — were also let go, according to two people with direct knowledge of the matter.
Both officials did not immediately respond to requests for comment.
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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
