Facebook Owner Meta Conducts Final Round Of Layoffs

meta layoff 050423 lt

Meta Platforms, Inc. (META) has begun its third round of layoffs, which is expected to impact nearly 6,000 employees, as the tech giant continues to massively restructure to save costs.

The latest round of layoffs was expected as Meta founder and CEO Mark Zuckerberg had announced in a March blog post that he would cut 10,000 jobs across two rounds of layoffs in late April and late May. Meta had eliminated 11,000 jobs in November.

The latest layoffs primarily target business roles, while the April layoffs impacted tech teams. In total, about 21,000 people have lost their jobs at Meta, reducing the company's global headcount by about a quarter since November, when the company had around 87,000 employees.

"Since we reduced our workforce last year, one surprising result is that many things have gone faster," Zuckerberg wrote in his March blog post. "In retrospect, I underestimated the indirect costs of lower priority projects."

The cuts are part of Meta's so-called year of efficiency, which the company expects is necessary for the company amid a challenging economy and weakened digital advertising market.

"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," Zuckerberg had said in March. "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."

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT