Facebook-parent Meta Platforms plans many waves of layoffs over the next three months, which might equal last year's 13% employment loss.
Meta Platforms, the parent company of Facebook, plans to announce multiple rounds of layoffs in the coming months, which could equal last year's 13% cut in jobs, according to a Wall Street Journal report.
Meta terminated 13% of its workforce, or nearly 11,000 jobs, in the last year. This year's reductions are likely to reach the same percentage of those who stay.
According to the report, the first round of the new layoffs will be disclosed next week, and they will most likely affect positions outside of engineering. As part of these reductions, the company is also said to be disbanding some teams and projects.
As CEO of Meta, Mark Zuckerberg has previously said that 2023 would be a "year of efficiency" and that several initiatives will likely be terminated.
Considering that in October, Mr. Zuckerberg said the business will have around the same number of workers in 2023 as it had in October, the ongoing layoffs are striking. One month later, the corporation cut 13% of its workforce and used performance reviews to try to cull even more people out of the workforce.
During 2022 and 2023, several IT businesses, including Amazon.com Inc., Microsoft Corp., and others, have laid off thousands of workers as revenues fall from pandemic-induced highs. According to Layoffs.fyi, a website keeping track of layoffs, the total number of employees affected by this trend since 2022 is close to 300,000.
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According to the latest available official data, the information sector's overall employment rate has remained stable between the months of July and January. Throughout that time period, the labour force has grown.
Meta did not immediately respond to a Reuters request for comment.
(With inputs from Reuters)
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