On Wednesday, Meta Platforms, Inc. conducted another round of employment layoffs, this time affecting engineers and adjacent tech teams. Chief Executive Officer Mark Zuckerberg pushed further to simplify the firm in an effort to make 2023 a “year of efficiency.” In March, Meta became the first large technology business to announce a second wave of mass layoffs.
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Reportedly, the company said that the layoffs will take place in three major batches over the course of several months and would affect 10,000 workers. The layoffs that were announced on Wednesday, although anticipated, caused workers of Meta to vent their dissatisfaction. On Wednesday, in advance of a town hall meeting with employees scheduled for the following day, the most popular concerns that were asked on an internal business forum concerned layoffs.
following a pandemic-led boom in digital advertising and cloud computing, Meta’s first wave of layoffs in the autumn affected more than 11,000 people, which was 13% of its workforce at the time. This anticipated other large tech businesses losing thousands of staff following a boom in cloud computing and digital advertising. In conjunction with the restructure, Meta is also “flattening” layers of middle management and shelving initiatives with a lesser priority.
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The corporation has been rewarded by investors as a result of its reduction in workforce size. The price of Meta shares has increased by over 80% this year, more than making up for the decline of 64% that occurred in 2022 and exceeding the 16% gain that the tech-heavy Nasdaq Composite saw during the same time period. It is anticipated that the firm would gain from a little improvement in the digital advertising market as well as regulatory pressure placed on its primary competitor, TikTok, when it announces its financial results for the first quarter on April 26.