Meta lays off employees across platforms including WhatsApp, Instagram and more
Meta is conducting further layoffs across various departments, including Instagram, WhatsApp, and Reality Labs, as part of its restructuring and cost-cutting efforts. While the exact number of affected employees remains undisclosed, these cuts follow significant layoffs in the past year and reflect Meta's focus on efficiency.
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FollowAmerican Technology company Meta is reportedly laying off employees across units including Instagram, WhatsApp and Reality Labs. Citing a story by the Verge, news agency Reuters announced the most recent layoffs at the international conglomerate on Wednesday. A representative for Meta told media in a statement that some of its teams were changing to better fit its geographical strategy and long-term strategic objectives.
This entails relocating certain teams and assigning some workers to alternative positions. We put a lot of effort into finding new options for affected workers in cases like these when a position is abolished," the official informed.
The Verge story stated that the number of job cutbacks was minimal but did not provide a precise figure. Meta refrained from commenting on the figures as well. Two dozen more employees were dismissed by Meta in Los Angeles, according to a separate Financial Times investigation, for allegedly using their daily $25 meal credits to purchase domestic goods like laundry detergent, wine glasses, and acne pads.
According to the FT article, these layoffs occurred last week and are distinct from the team reorganizations. In an effort to keep expenses down, Meta has let off almost 21,000 employees since November 2022. CEO Mark Zuckerberg has dubbed 2023 the "Year of Efficiency."
This year, Meta shares have increased by over 60%. Meta recently announced a positive sales estimate for the third quarter and exceeded market forecasts for revenue in the second quarter, indicating that strong digital ad spending on its social media platforms may offset the expense of its artificial intelligence initiatives.
Economic challenges and strategy moves toward AI and cost-cutting are the main causes of tech layoffs in 2024. Significant layoffs have been undertaken by companies like Intel, Cisco, and IBM; Intel, for example, reduced 15% of its personnel in order to solve revenue issues. By August, 422 organizations had laid off more than 1,36,000 IT workers. Businesses are shifting their investments more and more toward cybersecurity and artificial intelligence (AI), changing certain jobs and removing others in the process.
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