By John Schwartz
Facebook parent in midst of cutting 21,000 jobs as part of ‘year of efficiency’
Meta Platforms Inc. The latest round of layoffs is on Wednesday, this time cutting technical positions.
Facebook’s parent company (META), in the midst of cutting 21,000 jobs, is making the cuts a week before it reports first-quarter financial results on April 26. Meta CEO Mark Zuckerberg has repeatedly called 2023 the “year of efficiency” as the social media company is on the decline in digital advertising, its financial lifeblood.
It’s unclear how many jobs will be cut in this round, though Vox reported on Tuesday that they would be “in range” of 4,000 people. However, another employee tour of the company’s business groups is planned for May, according to people familiar with Meta Strategy.
Meta is one of a number of technology companies that have cut jobs in recent months. Netflix Inc. did. (NFLX), Salesforce Inc. (CRM) and Amazon.com Inc. (AMZN) the same, and Alphabet Inc. (GOOGL) (GOOGL) Google announces layoffs of additional employees soon.
Shares of Meta, which are up 80% so far this year, were flat in early trade Wednesday afternoon.
– John Schwartz
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23-04-20 0808ET
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