meta The platforms have carried out another round of job cuts, this time hitting engineers and neighboring technology teams, as CEO Mark Zuckerberg has moved to streamline business in a bid to make 2023 a “year of efficiency”.
Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three major batches over several months and affect 10,000 employees.
Wednesday’s cuts, though expected, led to Meta employees expressing frustration. The layoffs were the subject of the most frequently asked questions posted in an internal company forum on Wednesday ahead of an upcoming city council meeting for employees.
“It has broken the morale and confidence of driving so many high performers who work so hard. Why should we stay at Meta?” Read one question seen by Reuters.
The question refers to comments Zuckerberg made last year urging employees to work more “intensity” to meet their needs Facebook And Instagram Challenges of the parent company’s business.
The company declined a Reuters request for comment.
Meta’s first round of layoffs in the fall hit more than 11,000 employees, or 13% of its workforce at the time. Other big tech companies have preceded thousands of post-pandemic layoffs in digital advertising and cloud computing.
With the restructuring, Meta also suspends low-priority projects and “levels” middle management layers.
Investors have rewarded the company for downsizing.
Meta shares are up about 80% this year, outperforming the benchmark Nasdaq Composite by 16% in the period.
The company, which will report first-quarter results on April 26, is expected to benefit from a modest recovery in the digital advertising market and regulatory pressure on its main rival TikTok.
Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three major batches over several months and affect 10,000 employees.
Wednesday’s cuts, though expected, led to Meta employees expressing frustration. The layoffs were the subject of the most frequently asked questions posted in an internal company forum on Wednesday ahead of an upcoming city council meeting for employees.
“It has broken the morale and confidence of driving so many high performers who work so hard. Why should we stay at Meta?” Read one question seen by Reuters.
The question refers to comments Zuckerberg made last year urging employees to work more “intensity” to meet their needs Facebook And Instagram Challenges of the parent company’s business.
The company declined a Reuters request for comment.
Meta’s first round of layoffs in the fall hit more than 11,000 employees, or 13% of its workforce at the time. Other big tech companies have preceded thousands of post-pandemic layoffs in digital advertising and cloud computing.
With the restructuring, Meta also suspends low-priority projects and “levels” middle management layers.
Investors have rewarded the company for downsizing.
Meta shares are up about 80% this year, outperforming the benchmark Nasdaq Composite by 16% in the period.
The company, which will report first-quarter results on April 26, is expected to benefit from a modest recovery in the digital advertising market and regulatory pressure on its main rival TikTok.