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Labor + Economics

Report: New Meta Layoffs Could Rival Last Year's Job Cuts

March 13, 2023

Labor + Economics

Report: New Meta Layoffs Could Rival Last Year's Job Cuts

March 13, 2023

Photo by Dima Solomin on Unsplash

Meta is reportedly planning multiple rounds of job cuts that could match last year’s layoffs.

The cuts could come over the next few months and would be at the same level as the 13% reduction of the social media giant’s workforce announced last year, The Wall Street Journal (WSJ) reported Friday (March 10), citing sources familiar with the matter.

The first round of cuts is expected to come this week and will impact Meta’s non-engineering workers particularly hard, sources told the WSJ, which notes that the company could also shutter some teams and projects in connection with the layoffs.

PYMNTS has reached out to Meta for comment but has not yet received a reply.

Among the projects set to be shut down are wearable device initiatives underway at Meta’s Reality Labs division, which — as the WSJ notes — indicates Meta is backing away from its work to expand its virtual reality offerings, while continuing long-term research into that area.

The news follows reports from last week that Meta was considering another round of layoffs, which are happening during what CEO Mark Zuckerberg has called “the year of efficiency.”

And as PYMNTS reported at the beginning of February, “efficiency” has been Meta’s watchword recently, with the term appearing dozens of times on the company’s last earnings call.

For Full Article: Click Here

Meta is reportedly planning multiple rounds of job cuts that could match last year’s layoffs.
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