In an effort to further simplify the company and make 2023 a “year of efficiency,” Meta Platforms Inc. announced another round of job cutbacks on Wednesday, this time affecting engineers and related tech teams.
The second wave of major layoffs at Meta, which it estimated would affect 10,000 workers, were announced in March, making it the first Big Tech firm to do so.
Although being anticipated, Wednesday’s layoffs led to angry reactions from Meta staff. In advance of a forthcoming staff town hall, layoffs were the topic of the most frequently asked questions on an internal business forum on Wednesday.
“You’ve crushed the spirits and leadership faith of many great achievers who put in intense labor. Why ought we to remain at Meta? read a query that Reuters saw.
The query refers to remarks Zuckerberg made the previous year pushing staff to work with greater “intensity” to solve the commercial issues facing the parent firm of Facebook and Instagram.
A request for comment from Reuters was refused by the corporation.
After a pandemic-driven boom in digital advertising and cloud computing, Meta’s first wave of layoffs in the autumn affected more than 11,000 workers, or 13% of its workforce at the time, and came before other significant IT businesses laid off thousands of workers.
Together with the restructure, Meta is “flattening” layers of middle management and shelving lower-priority initiatives.
The corporation has benefited from shrinking thanks to investors.
The price of Meta shares has increased by over 80% this year, more than making up for a 64% decline in 2022 and outpacing the period’s 16% increase in the tech-heavy Nasdaq Composite.
The business, which will release its first-quarter earnings on April 26, is anticipated to profit from regulatory pressure on TikTok’s main competition and a minor uptick in the digital advertising industry.
