The next round of layoffs by Meta is to start in the coming week. The parent company of social media platforms like Facebook and Instagram is expected to layoff workers that are in business-focused roles in the company.
Next Round of Layoffs by Meta
Employees of Meta are at the moment bracing for yet another round of layoffs. In a recording of a company meeting which was obtained by Vox, Nick Clegg, Meta’s president of global affairs revealed to employees that a “third wave is going to happen next week.”
And after laying off 11,000 employees just last November, Meta later announced job cuts affecting an additional 10,000 workers by the end of the month of May. Meta began by cutting workers in recruiting roles back in March and then slashed an additional 4,000 jobs in its technology department in last April. This latest round of layoffs however is expected to affect workers that are in business-focused positions.
What a Meeting Recording Obtained By Vox States
“It’s just a time of great anxiety and uncertainty,” Clegg in the meeting recording obtained by Vox stated. “I wish I could have some easy way of providing solace or comfort. It is uncertain. And actually, it’s really increased my admiration for the way that everyone — notwithstanding that uncertainty — you’re just displaying such resilience and professionalism.”
Meta’s Year of Efficiency
The downsizing of the whole development comes as part of Meta’s “year of efficiency,” a term CEO Mark Zuckerberg used in describing the “phase of change” the company is going through as it now contends with declining revenue and an uncertain economy. And despite the financial struggles of the company, it is still pushing ahead with its ambitions of the metaverse and it is even building its very own chip to run AI models.
Will There Be Layoffs at Meta
Yes, there will be layoffs and it is well underway. The layoffs in question are parts of the company CEO’s plans for a year of efficiency in 2023. The layoffs as you should know are a reminder that up to close to two decades of almost uninterrupted growth, many major tech companies such as Meta are now undergoing quite a heated period of cutbacks as well as belt-tightening measures.
How Much Meta Earned From Layoffs
You may be wondering as to the reason for the reported layoffs. Well, it is simple and easy. Layoffs are a way of making adjustments for companies to fit into the current economic situations and all. The social giant company as you should know took a hit in the restructuring costs that are related to the layoffs of 13% of the workforce of Meta or should I say roughly 11,000 employees, and the net income of Meta dropped a whopping 55% year-over-year decline to $4.65 billion during the fourth quarter.
Why Do Meta Layoff Employees
The company just announced that it will be laying off approximately 10,000 of its employees in order to improve efficiency as well as optimize financial performances, the layoffs as you should know are all part of the “Year of Efficiency” initiative of Meta which is aimed at making the company a better technology firm and the enhancing its long term goals and vision.
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