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

Gaza's Rafah Border Crossing Area Hit In Military Strike

The area of the Rafah border crossing between the blockaded Gaza Strip and Egypt was hit Monday in a military strike, AFP correspondents said, as hundreds of Palestinians gathered hoping to cross. The area of the shuttered crossing point in Gaza's south had been hit at least three times last week by Israeli air strikes after Gaza-based Hamas attacked southern Israel on October 7 that triggered all-out war. (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/z9CBc7N
Post a Comment
Read more

Released 2 American Hostages On "Humanitarian Grounds": Hamas

Gaza's ruler Hamas said Friday its armed wing has released two American hostages, from around 200 captives abducted in attacks by the militant group in Israel on October 7. "In response to Qatari efforts, (Ezzedine) al-Qassam Brigades released two American citizens (a mother and her daughter) for humanitarian reasons," Hamas said in a statement posted on Telegram. The Islamist group did not detail how or when the hostages were released. The Israeli military said earlier Friday that most of those abducted to Gaza were still alive. "The majority of the hostages are alive. There were also dead bodies that were taken... to the Gaza Strip," an army statement said. The military said more than 20 hostages were minors, while between 10 and 20 were over the age of 60. There are also between 100 and 200 people considered missing since the Hamas attacks, the army added. On October 7, the Palestinian militant group carried out a deadly assault on Israel, the worst in...
Post a Comment
Read more