facebook parent Meta began cutting staff across its business units on Wednesday as part of a previously announced round of layoffs downsizingaccording to social media posts by affected workers.
Meta employees in operations, project management, marketing, policy, communications and risk analysis announced on LinkedIn Wednesday morning that they were being let go.
The company declined to confirm that layoffs were underway, but a Meta spokesperson pointed to CNN that the March blog post Members of the affected business groups will be notified this month following CEO Mark Zuckerberg’s announcement that the company will cut 10,000 jobs this year.
Zuckerberg previously said the business unit would be the third and final round of these layoffs. Fired members of Meta tech and recruiting teams at past two months. Zuckerberg said in March that some smaller cuts could last until the end of 2023.
The 10,000 layoffs are Meta’s second mass layoff in recent months.company november says In the largest single round of layoffs in its history, it eliminated about 13% of its workforce, or 11,000 jobs.
Meta reported a headcount of 87,314 in September, according to a securities filing. Taking into account the 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount would drop to around 66,000 — a total of about 25 percent — assuming no additional hiring.
Meta says job cuts are part of its “year of efficiency” as it tries to from. . .recover Repeated declines in revenue, increased competition, concerns about user growth and huge losses at its Reality Labs unit as it builds out what it calls the Metaverse. Zuckerberg is also responsible for overhiring in the early days of the pandemic, when demand for the company’s products and online advertising was strong, only to dip once the world reopened.
The turnaround strategy is showing early signs of success.Last month Meta’s stock traded at company release Revenue growth in the first three months of 2023 was 3% year-on-year, reversing the trend of three consecutive quarters of revenue decline. Still, profits were down by nearly a quarter compared with a year earlier, and the price per ad — an indicator of the health of the company’s core digital advertising business — was down 17% from a year earlier.
Zuckerberg said on an earnings call with analysts last month that when Meta started its “efficiency work” late last year, “our business wasn’t doing as well as I’d like it to be, but now we’re increasingly Start the job from a vantage point”
But with it came thousands of employees who were affected by the layoffs.
“Finding a job you care about and believe in and the right people to work with is an incredible dream; it also makes moments like this incredibly difficult,” one employee affected by Wednesday’s layoffs said in a LinkedIn post. The employee called the layoffs a “shock to the system.”