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Meta Platforms Inc. is gearing up for a new round of job cuts as part of its ongoing restructuring efforts aimed at achieving greater efficiency, according to an internal memo seen by Bloomberg News. The Facebook parent company has informed managers to expect job cut announcements on Wednesday, affecting teams across Facebook, WhatsApp, Instagram, and Reality Labs, which handles virtual reality efforts and Quest hardware. This move is part of Meta’s plan to eliminate 10,000 positions as announced by founder Mark Zuckerberg in March, with additional cuts expected in May.
This comes after Meta previously cut about 11,000 jobs, or 13% of its workforce, in November and extended a hiring freeze through the first quarter. The company is focused on becoming leaner and rebalancing its ratio of technologists and engineers to business and administrative staff, in line with Zuckerberg’s vision for greater efficiency.
In response to the news, Meta shares fell 1.6% to $214.41 in pre-market trading, reflecting a broader decline in stocks. The memo circulated to managers indicates that teams will be reorganized and some remaining employees may be reassigned to new managers. In anticipation of the announcements, Meta has asked North American employees who are able to work from home to do so on Wednesday to allow for processing of the news, as stated in the memo.
Meta declined to comment on the memo, but referred to a previous post by Zuckerberg in March declaring 2023 as the “year of efficiency” and outlining plans for restructuring and layoffs in tech groups in late April, followed by business groups in late May. Meta’s ongoing efforts to streamline its operations and reduce costs reflect the company’s commitment to adapting to the evolving tech landscape and optimizing its operations for the future.
