Meta Plans Additional Layoffs in Coming Weeks
According to people familiar with the situation, Facebook-parent Meta Platforms is preparing additional layoffs that will be revealed in several rounds over the coming months and might equal the 13 percent employment reduction total from last year.
Meta was the first Big Tech business to announce a second round of huge layoffs after terminating 11,000 workers four months earlier. According to the article, the non-engineering roles would likely be struck the hardest by the first wave of the proposed layoffs, which would be disclosed next week. Together with these changes, the corporation is also anticipated to end various projects and teams, according to the report.
According to the source, Reality Labs, Meta’s hardware and metaverse subsidiary, would also cease development of several wearable gadgets. This implies that, although research in this field will continue in the long run, Meta is turning away from popularising virtual and augmented reality goods in the near term. The first round of layoffs is anticipated to be revealed next week, although it is still unclear how many positions will be eliminated overall in the coming three months.
Mark Zuckerberg, CEO of Meta, previously declared 2023 to be the year of efficiency. He also made a suggestion that Meta will be terminating various programmes.
Meta Chief Financial Officer Susan Li said, “We’re continuing to look across the company, across both Family of Apps and Reality Labs, and really evaluate we are deploying our resources toward the highest leverage opportunities.This is going to result in us making some tough decisions to wind down projects in some places, to shift resources away from some teams”.
The Meta employees received dismal ratings during their performance reviews, according to a previous WSJ story. Meta gave the second-worst grade at the organisation, “meets most,” to almost 10% of the workforce. The company doesn’t tend to assign the lowest rating, “meets some,” very frequently. According to a corporate spokeswoman, the scores are reportedly intended to encourage high-quality work and long-term thinking.