Meta Plans New Layoffs That Could Match Last Year’s Tally
Facebook parent
Meta Platforms Inc.
META -1.20%
is planning additional layoffs to be announced in multiple rounds over the coming months that in total would be roughly the same magnitude as the 13% cut to its workforce last year, according to people familiar with the matter.
The new cuts, the first wave of which is expected to be announced next week, are likely to hit non-engineering roles especially hard, the people said. The company is also expected to shut down some projects and teams in conjunction with these cuts.
Meta cut roughly 13% of its employees, or 11,000 jobs, last year. The reductions this year are expected to reach the same proportion of those who remain, the people said, though the final count of the cumulative cuts expected over the second quarter isn’t yet clear.
Among projects that will be cut are some wearable devices that were in the works at Reality Labs, Meta’s hardware and metaverse division, the people said, suggesting a near-term retreat from efforts to popularize virtual and augmented reality products even as longer-term research efforts continue.
“We’re continuing to look across the company, across both Family of Apps and Reality Labs, and really evaluate are we deploying our resources towards the highest leverage opportunities,” Meta Chief Financial Officer Susan Li said Thursday at the
Morgan Stanley
2023 Technology, Media & Telecom Conference. “This is going to result in us making some tough decisions to wind down projects in some places, to shift resources away from some teams.”
Meta Chief Executive
Mark Zuckerberg
previously said that 2023 would be a “year of efficiency” at Meta and that some projects would likely shut down at the company.
The ongoing cuts is notable given Mr. Zuckerberg’s prediction in October that the company would end 2023 with roughly as many employees as it had at that time. The company laid off 13% of its staff the following month, and then sought to encourage further attrition through the performance review process.
Write to Jeff Horwitz at [email protected], Salvador Rodriguez at [email protected] and Sam Schechner at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Facebook parent
Meta Platforms Inc.
META -1.20%
is planning additional layoffs to be announced in multiple rounds over the coming months that in total would be roughly the same magnitude as the 13% cut to its workforce last year, according to people familiar with the matter.
The new cuts, the first wave of which is expected to be announced next week, are likely to hit non-engineering roles especially hard, the people said. The company is also expected to shut down some projects and teams in conjunction with these cuts.
Meta cut roughly 13% of its employees, or 11,000 jobs, last year. The reductions this year are expected to reach the same proportion of those who remain, the people said, though the final count of the cumulative cuts expected over the second quarter isn’t yet clear.
Among projects that will be cut are some wearable devices that were in the works at Reality Labs, Meta’s hardware and metaverse division, the people said, suggesting a near-term retreat from efforts to popularize virtual and augmented reality products even as longer-term research efforts continue.
“We’re continuing to look across the company, across both Family of Apps and Reality Labs, and really evaluate are we deploying our resources towards the highest leverage opportunities,” Meta Chief Financial Officer Susan Li said Thursday at the
Morgan Stanley
2023 Technology, Media & Telecom Conference. “This is going to result in us making some tough decisions to wind down projects in some places, to shift resources away from some teams.”
Meta Chief Executive
Mark Zuckerberg
previously said that 2023 would be a “year of efficiency” at Meta and that some projects would likely shut down at the company.
The ongoing cuts is notable given Mr. Zuckerberg’s prediction in October that the company would end 2023 with roughly as many employees as it had at that time. The company laid off 13% of its staff the following month, and then sought to encourage further attrition through the performance review process.
Write to Jeff Horwitz at [email protected], Salvador Rodriguez at [email protected] and Sam Schechner at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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