As part of a three-part wave of layoffs, Meta Platforms Inc., the company that owns Facebook, reduced employment across its business and operational groups on Wednesday. The plan to cut 10,000 positions was first disclosed in March.
A significant number of workers who were part of teams such as marketing, site security, enterprise engineering, programme management, content strategy, and corporate communications announced their layoffs on LinkedIn.
According to the LinkedIn posts, the social media behemoth also let go of staff members from its departments dedicated to privacy and integrity.\
After letting more than 11,000 employees go in the autumn, Meta became the first Big Tech business to announce a second round of big layoffs earlier this year. After a hiring frenzy that saw the company's staff treble since 2020, the cuts reduced the company's headcount to where it stood as of roughly mid-2021.
In a generally lower market, the company's shares closed modestly higher. Thanks to the cost-cutting drive and Meta's emphasis on artificial intelligence, their value has more than quadrupled this year and they are among the best performers in the S&P 500 index.
Mark Zuckerberg, the chief executive of Meta, stated in March that the majority of the company's second round of layoffs would occur in three "moments" over the course of several months, mostly wrapping up in May. After that, he suggested continuing with a few smaller rounds.
Overall, the layoffs have disproportionately affected non-engineering positions, highlighting the importance of Meta's code writers. Zuckerberg has promised to "substantially" restructure business teams and go back to a "more optimal ratio of engineers to other roles."
According to executives who spoke at a business town hall after the most recent wave of layoffs in April, the corporation has eliminated non-engineering roles like content design and user experience research most severely, even amid cuts directly targeted at technology teams.
Following a minor blow to recruiting teams in March, about 4,000 people lost their jobs in April, according to Zuckerberg during the town hall.
On Wednesday, the social media corporation announced that the most recent layoffs would likely affect 490 people at its global headquarters in Dublin, or over 20% of its Irish workforce.
According to two persons with firsthand knowledge of the situation, two top executives in India, a crucial market, were also let go: Saket Jha Saurabh, director and head of media partnerships, and director of marketing Avinash Pant.
Layoffs at Meta came after months of declining revenue growth caused by rising inflation and a decline in digital advertising due to the widespread e-commerce expansion.
The business has also been investing enormous sums of money on Reality Labs, a division focused on the metaverse that lost $13.7 billion in 2022, as well as an effort to revamp its infrastructure to enable AI research.
(Source:www.theprint.com)
A significant number of workers who were part of teams such as marketing, site security, enterprise engineering, programme management, content strategy, and corporate communications announced their layoffs on LinkedIn.
According to the LinkedIn posts, the social media behemoth also let go of staff members from its departments dedicated to privacy and integrity.\
After letting more than 11,000 employees go in the autumn, Meta became the first Big Tech business to announce a second round of big layoffs earlier this year. After a hiring frenzy that saw the company's staff treble since 2020, the cuts reduced the company's headcount to where it stood as of roughly mid-2021.
In a generally lower market, the company's shares closed modestly higher. Thanks to the cost-cutting drive and Meta's emphasis on artificial intelligence, their value has more than quadrupled this year and they are among the best performers in the S&P 500 index.
Mark Zuckerberg, the chief executive of Meta, stated in March that the majority of the company's second round of layoffs would occur in three "moments" over the course of several months, mostly wrapping up in May. After that, he suggested continuing with a few smaller rounds.
Overall, the layoffs have disproportionately affected non-engineering positions, highlighting the importance of Meta's code writers. Zuckerberg has promised to "substantially" restructure business teams and go back to a "more optimal ratio of engineers to other roles."
According to executives who spoke at a business town hall after the most recent wave of layoffs in April, the corporation has eliminated non-engineering roles like content design and user experience research most severely, even amid cuts directly targeted at technology teams.
Following a minor blow to recruiting teams in March, about 4,000 people lost their jobs in April, according to Zuckerberg during the town hall.
On Wednesday, the social media corporation announced that the most recent layoffs would likely affect 490 people at its global headquarters in Dublin, or over 20% of its Irish workforce.
According to two persons with firsthand knowledge of the situation, two top executives in India, a crucial market, were also let go: Saket Jha Saurabh, director and head of media partnerships, and director of marketing Avinash Pant.
Layoffs at Meta came after months of declining revenue growth caused by rising inflation and a decline in digital advertising due to the widespread e-commerce expansion.
The business has also been investing enormous sums of money on Reality Labs, a division focused on the metaverse that lost $13.7 billion in 2022, as well as an effort to revamp its infrastructure to enable AI research.
(Source:www.theprint.com)
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