Facebook owner Meta Platforms Inc. started the last batch of a 3-part round of layoffs on May 24, as per an official familiar with the development, as part of a plan announced in March to cut 10,000 roles.
After letting more than 11,000 employees go in the autumn, Meta became the first Big Tech business to announce a second round of big layoffs earlier this year. After a hiring frenzy that saw the company's staff treble since 2020, the cuts reduced the company's headcount to where it stood as of roughly mid-2021.
On Wednesday, several workers who were part of the marketing, recruiting, engineering, and corporate communications departments announced their layoffs on LinkedIn.
In a generally lower market, Meta shares were modestly higher. Due to the cost-cutting drive and Meta's emphasis on artificial intelligence, their value has more than doubled this year and they are among the best performers in the S&P 500 index.
Mark Zuckerberg, the chief executive of Meta, stated in March that the majority of the company's second round of layoffs would occur in three "moments" over the course of several months, mostly wrapping up in May. After that, he suggested continuing with a few smaller rounds.
Overall, the layoffs have disproportionately affected non-engineering positions, highlighting the importance of Meta's code writers. In March, Zuckerberg promised to "substantially" reorganise commercial teams and return to a "more optimal ratio of engineers to other roles."
According to executives who spoke at a subsequent business town hall, even amid layoffs intended particularly at technical teams, the corporation significantly slashed non-engineering functions like content design and user experience research.
Following a smaller blow to recruiting teams in March, some 4,000 people lost their jobs in the April layoffs, according to Zuckerberg during the town hall.
On Wednesday, the social media corporation announced that the most recent layoffs would likely affect 490 people at its global headquarters in Dublin, or over 20% of its Irish workforce.
According to two persons with firsthand knowledge of the situation, two top executives in India, a crucial market, were also let go: Saket Jha Saurabh, director and head of media partnerships, and director of marketing Avinash Pant.
Layoffs at Meta came after months of declining revenue growth caused by rising inflation and a decline in digital advertising due to the widespread e-commerce expansion.
The business has also been investing enormous sums of money on Reality Labs, a division focused on the metaverse that lost $13.7 billion in 2022, as well as an effort to revamp its infrastructure to enable AI research.
Disney begins 3rd round of layoffs, targets to cut 2500 employees
JioMart Layoffs: Targets 1,000 employees, including 500 executives
You can also get a golden opportunity to get a government job in PGIMER Chandigarh