Published , by TJ Denzer
Published , by TJ Denzer
It would appear that Meta (formerly known as Facebook) is planning another mass layoff, coming off of already firing around 11,000 employees in late 2022. The latest cuts have come alongside a number of other cost-cutting measures in late 2022/early 2022, and the latest round of layoffs could happen as early as this week. These have all been part of planning for what Mark Zuckerberg calls Meta’s “Year of Efficiency”.
Word of Meta’s supposed latest round of imminent layoffs was reported via Bloomberg, which claimed to have confirmed the details with several anonymous sources familiar with the situation. Though Meta spokespersons have declined to comment on the matter, the company is said to be cutting what is estimated to be thousands of workers, and the layoffs could begin immediately. This follows almost immediately on the back of November 2022 layoffs that cut 13 percent of the company’s workforce.
The Meta company has been aggressively trying to recoup losses and cut costs coming into 2023. While Meta was able to beat revenue expectations in its Q4 2022 earnings results, the company was shown to be bleeding tons of money in various sectors. Meta Reality Labs lost $13.7 billion USD across its 2022 fiscal year and the company expects it will keep losing money there. Meanwhile, Meta admitted that its Reels feature on Facebook, while popular, is also losing the company money while it seeks to optimize the experience.
With that in mind, Zuckerberg has said that the company is treating 2023 as a year to reorganize and position Meta for further growth in the “Year of Efficiency.” Stay tuned as we continue to follow for further updates to this story.