Meta layoffs

According to a source who knows about the situation, Meta Platforms Inc. completed the most recent phase of a three-part series of layoffs on Wednesday in fulfilment of a plan to cut 10,000 posts that were revealed in March.

After letting more than 11,000 workers go in the autumn, Meta became the first Big Tech business to publicly disclose a second wave of big layoffs early this year. 

After a recruiting frenzy that saw the company's staff treble since 2020, the layoffs reduced the company's headcount to where it was as of roughly mid-2021.

On Wednesday, many workers who were part of the marketing, recruitment, engineering, and corporate communications departments announced their layoffs on LinkedIn.

In a generally lower market, Meta shares were modestly higher. Due to the cost-cutting push and Meta's emphasis on artificial intelligence, their value has more than quadrupled this year and they are among the best performers in the S&P 500 index.

Mark Zuckerberg, the chief executive of Meta, said in March that the majority of the company's second wave of layoffs will occur in three "moments" over a couple months, mostly wrapping up in May. After that, he suggested continuing with a few smaller rounds.

Overall, the layoffs have disproportionately affected non-engineering positions, highlighting the importance of Meta's code writers. 

In March, Zuckerberg promised to "significantly" reorganise commercial teams and revert to a "more optimum ratio of engineers to other functions.

In the words of executives who spoke at a subsequent business town hall, even among layoffs primarily targeted at technical teams, the corporation significantly slashed non-engineering functions like content design and user experience research.

Following a lesser blow to recruitment teams in March, some 4,000 people lost their employment in the April layoffs, according to Zuckerberg at the town hall.

On Wednesday, the social media corporation said that the most recent layoffs will likely affect 490 people at its global headquarters in Dublin or over 20% of its Irish staff.

According to two persons with direct experience of the situation, two senior executives in India, a crucial market, were also let go: Saket Jha Saurabh, director and head of media partnerships, and director of marketing Avinash Pant.

Attempts for comment from the two executives were not responded to right away.

Layoffs at Meta came after months of declining revenue growth caused by rising prices and a decline in digital advertising due to the widespread e-commerce expansion.

The business has also been investing enormous sums of money in Reality Labs, a division focused on the metaverse that lost $13.7 billion in 2022, as well as an effort to revamp its systems to enable AI research.

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