Latest round of layoffs focuses on business units

Meta Platforms Inc. CEO Mark Zuckerberg arrives in federal courthouse in San Jose, California, U.S., Tuesday, Dec. 20, 2022, as he departs.

David Paul Morris | Bloomberg | Getty Images

Yuan A third round of layoffs has begun as part of the company’s multibillion-dollar cost-saving plan.

The latest round of layoffs targets members of the Meta business unit and follows a previous round of layoffs downsizing Employees in technical roles were affected in April.About 10,000 workers will lose their jobs in April-May after companies cut jobs for the first time round 11,000 employees were affected in November.

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Meta employees who held positions in user experience, marketing, recruiting and engineering announced on LinkedIn Wednesday that they had been fired, supporting an earlier report Reuters. Meta declined to comment, but referred CNBC to an earlier post by Zuckerberg saying layoffs in the company’s business units would begin in late May.

Cuts are what Meta calls “Efficiency yearCEO Mark Zuckerberg said, amid a challenging economy and a weak digital advertising market, the company needed to streamline and become more nimble.

“As I talked about efficiency this year, I said that part of our work will involve layoffs — which will help build a leaner, more technology-based company and improve our business performance so that our long-term growth is Possibly. Vision,” Zuckerberg said in a speech in March postal“I know this update might still come as a surprise, so I wanted to provide some broader context on our vision, our culture and our philosophy of doing business.”

In April, Meta reported first quarter revenue Revenue rose 3% from $27.91 billion a year earlier, after three consecutive periods of decline.

Despite cost-cutting, Meta invests heavily in emerging markets MetaverseAnd its Reality Labs unit, which develops virtual and augmented reality technology, posted an operating loss of $3.99 billion in the first quarter, while generating $339 million in revenue.

Shares of the social networking giant rise as investors applaud major cost cuts at Meta rise It is up 177% to $264.74 since bottoming out below $89 in November.

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