2023-05-24 15:12:50
After months of declining revenue growth
An informed source said that the company, “Meta Platforms”, the owner of “Facebook”, began today, Wednesday, the implementation of the last part of the round of layoffs, which consisted of three parts as part of a plan announced last March to lay off 10,000 employees.
Meta became the first major technology company to announce a second round of mass layoffs following it revealed that it would lay off more than 11,000 employees in the fall.
This caused the company to reduce the number of employees to what it was in mid-2021, following a wave of hiring that doubled its workforce since 2020, according to Archyde.com.
Some employees took to platforms such as LinkedIn on Wednesday to announce their layoffs, in a round that was expected to deeply cut the , marketing and partnerships sales teams.
Shares of “Meta” fell by 0.4% in pre-market trading.
Chief Executive Officer Mark Zuckerberg said in March that the bulk of the company’s second-round layoffs would take place in three “phases” over several months largely ending in May, saying some smaller rounds might continue following that.
In general, the cuts affected non-engineering jobs significantly.
Zuckerberg said during a meeting that regarding 4,000 employees lost their jobs in layoffs in April, following smaller cuts in March.
The layoffs of Meta employees came following months of declining revenue growth amid rising inflation and digital retreating from e-commerce during the coronavirus pandemic.
1684967549
#company #Meta #begins #layoffs #thousands #employees
