Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly planning to make thousands of job cuts this Wednesday, particularly in its policy, marketing, and communications teams.
This follows a previous round of layoffs in November 2022 that saw 11,000 staff let go.
Meta has faced challenges in the past year due to increased competition from TikTok and advertisers reducing their budgets.
As a result, the company has struggled with growth, with Facebook’s app losing users for the first quarter in its lifetime.
This has led to CEO Mark Zuckerberg declaring 2023 as the “year of efficiency” and aiming to cut costs across the board.
This round of layoffs comes amid a period of internal change, with senior executives such as Chief Business Officer Marne Levine and sales vice president for the Americas, Nada Stirratt, leaving their posts in recent weeks.
Some employees have expressed concern over the state of the company and the chaos caused by so many changes.
To cut costs, Meta is also reeling back on its NFT offering and instead focusing on products like Meta Pay and features that allow creators to earn money directly on Meta platforms.
Despite a boost in shares following its fourth-quarter results, some innovations, such as Reality Labs responsible for virtual and augmented reality features, have proven less successful for the company, losing $13.7 billion last year and expected to face layoffs.
»Meta launches new round of redundancies, prepares to lay off thousands of staff«
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