Skip to main content

Facebook Owner Meta Starts Final Round Of Layoffs

Meta Platforms Inc started carrying out the last batch of a three-part round of layoffs on Wednesday, according to a source familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles.

Meta in March became the first Big Tech company to announce a second round of mass layoffs, after showing more than 11,000 employees the door in the fall. The cuts brought the company's headcount down to where it stood as of about mid-2021, following a hiring spree that doubled its workforce since 2020.

Some employees took to platforms such as LinkedIn on Wednesday to announce that they were laid off in a round that was expected to cut deeply into the ad sales, marketing and partnerships teams.

Meta Chief Executive Mark Zuckerberg in March said that the bulk of the layoffs in the company's second round would take place in three "moments" over several months, largely finishing in May. Some smaller rounds could continue after that, he said.

Overall the cuts hit non-engineering roles most heavily, reinforcing the primacy of those who write the code at Meta. Zuckerberg pledged in March to restructure business teams "substantially" and return to a "more optimal ratio of engineers to other roles."

Even among cuts aimed specifically at technology teams, the company eliminated non-engineering roles like content design and user experience research most severely, according to executives speaking at a company town hall afterward.

About 4,000 employees lost their jobs in the April layoffs, Zuckerberg said during the town hall, following a smaller hit to recruiting teams in March.

Meta's layoffs followed months of waning revenue growth amid high inflation and a digital ad pullback from the pandemic e-commerce boom.

The company also has been pouring billions of dollars into its metaverse-oriented Reality Labs unit, which lost $13.7 billion in 2022, and a project to whip its infrastructure into shape to support artificial intelligence work.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



from NDTV News-World-news https://ift.tt/ohcIwOP

Comments

Post a Comment

Popular posts from this blog

Sri Lanka Must Achieve Debt Restructuring By September: IMF

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. On March 20, IMF extended a nearly $3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement read. Sri Lanka is still struggling to normalise its crisis-hi...
Post a Comment
Read more

Amazon Rainforest Tribe's Secret To Healthy Life And Slow Ageing Revealed

Deep in the Amazon rainforest, a semi-nomadic indigenous community is thriving. This community defies conventional norms on ageing and health. The Tsimanes, consisting of 16,000 people, live a fully subsistence lifestyle, relying on hunting, foraging and farming to survive. Scientists have been studying this unique group for two decades, and have uncovered remarkable findings till now. Martina Canchi Nate, an 84-year-old Tsimanes woman, digs up yucca trees, cuts down plantain trees and carries heavy loads with ease, faster than her younger companions, as per a BBC report. This level of physical activity is not unusual among Tsimanes of her age. Researchers have discovered that this group has the healthiest arteries ever studied and brains that age more slowly than those in North America, Europe and elsewhere. The Tsimanes' secret lies in their active lifestyle, with an average of 16,000 to 17,000 steps per day. They spend less than 10 percent of daylight hours in sedentary activ...
Post a Comment
Read more

Biden Warns "All Out War" Possible In Middle East

US President Joe Biden warned Wednesday of the possibility of an "all-out war" in the Middle East but said he was hopeful a settlement was still achievable for the conflict-torn region. Biden's comments as he appeared on ABC chat show "The View" came as Israel put troops on alert for possible entry into Lebanon and the war in Gaza grinds on. "An all-out war is possible," Biden said when asked about the situation. "What I think is, also, the opportunity is still in play to have a settlement that could fundamentally change the whole region." Biden appeared to raise the possibility of a ceasefire in Lebanon, where Israeli strikes targeting the Hezbollah militia have killed more than 600 people this week. "They have a possibility -- I don't want to exaggerate it -- there's a possibility if we can deal with a ceasefire in Lebanon that it can move into dealing with the West Bank as well," said Biden. Israel has been carrying ...
Post a Comment
Read more