• Meta, the parent company of Facebook, is set to announce further layoffs on Thursday due to reduced advertising income and a drop in stock price.
• Three waves of job cuts have already taken place since November, affecting 11,000 people in the first wave and 10,000 in each subsequent wave.
• The third round of layoffs will affect all major business units at Meta – Facebook, WhatsApp, Instagram, Reality Labs, and Quest’s hardware division – as part of the company’s efforts to streamline operations.
Meta to Announce Further Layoffs
Facebook’s parent company Meta is set to announce further layoffs on Thursday as part of a months-long downsizing and restructuring process that will ultimately result in the elimination of 10,000 positions. This follows three waves of job cuts since November 2020 when 11,000 people were affected with each subsequent wave cutting another 10,000 positions from the workforce.
Job Cuts Across Major Business Units
The final wave of layoffs is expected to affect all major business units at Meta including Facebook, WhatsApp, Instagram, Reality Labs and Quest’s hardware division as part of the company’s ongoing efforts to streamline operations. According to an internal corporate memo obtained by The Washington Post managers are ready for retrenchment announcements.
Falling Revenue Behind Job Losses
Meta has seen falling revenues over the past three quarters with analysts expecting another quarterly sales reduction when first quarter profits are announced next week. If the tech giant achieves its earlier sales projection range between $26 billion and $28.5 billion then this recent revenue downturn may be halted in its tracks.
Internal Memo Regarding Job Cuts
On Wednesday Meta’s Chief Human Resources Officer Lori Goler sent out an internal message informing technical teams whose jobs were being terminated as part of these job losses according to The Washington Post report.. In her memo Goler wrote: “This will be a difficult day for many across our company.”
CEO Mark Zuckerberg Comments
CEO Mark Zuckerberg commented about “restructurings and layoffs in our tech departments” last month although no details were released publicly regarding how many employees would lose their jobs or from which department.