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Meta, the parent company of Facebook, has initiated new rounds of layoffs affecting employees across key units, including Instagram, WhatsApp, and Reality Labs, according to sources reported by The Verge.
The social media giant stated that these changes are part of ongoing efforts to align with its long-term strategic goals and adjust its location strategy. While the number of impacted employees has not been disclosed, the company emphasised that these cuts are relatively small.
A Meta spokesperson confirmed the changes to Reuters, noting that some teams are being relocated or restructured to meet business objectives. In cases where roles are eliminated, Meta is reportedly working to reassign employees to other positions where possible. This latest move is part of a broader restructuring campaign that has seen the company cut approximately 21,000 jobs since November 2022 in an effort to streamline operations and reduce costs.
In an unrelated development, The Financial Times revealed that Meta recently terminated around two dozen employees in Los Angeles for allegedly misusing their daily meal credits. The staff members were accused of using the USD 25 allowance to purchase household goods such as laundry detergent and wine glasses instead of meals. These firings are distinct from the ongoing team restructurings, having occurred last week.
Despite the workforce reductions, Meta’s stock has risen over 60 per cent in 2023. The company’s second-quarter earnings surpassed market expectations, and it provided an optimistic outlook for the third quarter. Robust digital advertising revenue on its social platforms has been cited as a key factor in covering the costs of its growing investments in artificial intelligence. Meta's CEO, Mark Zuckerberg, has branded 2023 the "Year of Efficiency," reflecting the company's focus on cost-cutting measures and operational optimisation.
(Inputs from Reuters)
