- Reports suggest that Meta, the parent company of Facebook and Instagram, is planning another round of layoffs in 2023, despite having laid off 13% of its workforce just four months ago.
- The company had previously let go of more than 11,000 employees in its last layoff round.
- Meta’s job cuts news has come as a surprise, as CEO Mark Zuckerberg had previously told investors that 2023 would be a year of efficiency, and the company was expected to cut non-performing projects and restructure middle management roles.
It seems that the tech layoffs are far from over as new reports claim that Meta is planning to fire thousands of employees. The Facebook and Instagram parent company had just laid off 13% of its workers four months ago, in November 2022.
The reports were from a Bloomberg News article published on Monday but a Meta spokesperson refused to talk about the news when a CNBC correspondent reached out for comment.
The job cuts news comes as a surprise because Meta let go of more than 11,000 employees in its last lay off round. Even despite Mark Zuckerberg telling investors that 2023 was going to be a year of efficiency, it was still hard to believe that another major layoff was around the corner.
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What many of us thought was that the company would cut projects that are not performing and restructure middle management roles.
With about 76,000 employees left from the previous headcount cutting exercise, Meta could be approaching its lowest workforce since before the pandemic, when it had less than 72,000 workers in 2020, according to Statista.
Layoffs are by no means cheap for tech companies based in the US because of the compensations that come with them. If Meta does engage in another thousands of lay off, its cost and expenses for the second quarter of 2023 could surpass the $25.8 billion it incurred in Q4 2022.
While its advertising business continues to suffer, Meta is trying to monetise users directly by charging a monthly subscription for verification. It is also placing its trust in the virtual reality technology of the metaverse, products relating to it, and more recently, AI products.
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