Tech Layoffs: Meta starts laying people off again, this time from core engineering teams
Tech Layoffs: Meta starts laying people off again, this time from core engineering teams
Meta Platforms Inc, the owner of Facebook, Instagram and WhatsApp has laid off another batch of workers on Wednesday, this time affecting some core engineering and adjacent tech teams, as CEO Mark Zuckerberg continued to simplify the firm in an effort to make 2023 a “year of efficiency.”
Meta was the first Big Tech business to announce a second round of huge layoffs in March, which it predicted would occur in three major batches over many months and affect 10,000 people.
Also read: Tech layoffs – What does the Indian law say about severance package and notice period?
Although the layoffs were rumoured to be looming for quite a few months, Meta workers expressed their displeasure. The most frequently asked questions on an internal business forum on Wednesday, ahead of an impending staff town hall, were about layoffs.
“You’ve shattered the morale and trust in leadership of many high performers who work hard.” “What is the point of staying at Meta?” said one such query.
The query refers to statements made by Zuckerberg last year in which he urged staff to strive with greater “intensity” to solve the Facebook and Instagram parent company’s financial problems.
Meta’s initial round of layoffs in the autumn affected almost 11,000 people, or 13 per cent of its staff at the time, and came on the heels of other large tech businesses laying off thousands of workers following a pandemic-led boom in digital advertising and cloud computing.
Meta is also shelving lower-priority initiatives and “flattening” layers of middle management as part of the restructure. Downsizing has been rewarded by investors.
Meta shares have risen over 80 per cent this year, surpassing the Nasdaq Composite’s 16 per cent gain during the same period, as per a report from The Wall Street Journal.
Meta will report its first-quarter earnings on April 26, and is anticipated to profit from a minor uptick in the digital advertising industry as well as regulatory pressure on TikTok.
This spells some major trouble for Meta’s Metaverse and VR programmes as internal communications reveal that major teams at Meta are cautious and are looking for jobs in other companies, before they too are laid off.
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