• Facebook’s parent company Meta is set to announce more layoffs as part of a restructuring process, resulting in the elimination of 10,000 positions.
• This follows three previous waves of layoffs in November, December and May.
• The job cuts are due to reduced advertising income and a drop in stock price.
Meta Announces Company-Wide Layoffs
Facebook’s parent company Meta has announced that it will be cutting 10,000 jobs across its business units as part of a months-long downsizing and restructuring process. There have been three previous waves of layoffs since November 2020, with the most recent occurring in May 2021. This is due to decreased advertising income and a precipitous drop in stock price necessitating terminations. According to an internal memo, managers have been informed to be ready to announce retrenchments.
Layoffs Across Major Business Units
The job cuts will occur across multiple divisions including at Facebook, WhatsApp, Instagram, Meta’s virtual reality development business Reality Labs and Quest’s hardware division. On Wednesday, Meta’s chief human resources officer Lori Goler said that technical teams would begin receiving notices about their terminated positions shortly afterwards. Additionally as part of streamlining efforts by the social media giant there is also talk about revised organizational structures being unveiled soon.
Massive Job Cuts: Round No 3
The third wave of layoffs was posted on a company message board on Wednesday night but no further details were made public by Meta at the time of writing this article. CEO Mark Zuckerberg did however mention “restructurings and layoffs in our tech departments” back in late April which may have been related to this news now coming out into the open..
Falling Revenue
For three consecutive quarters now Meta has seen falling revenue numbers while analysts predict yet another reduction when first quarter profits are released next week – although if the upper end estimates of $26 billion -$28 billion are met then hopefully this downturn may be brought to a stop for once and all..
Final Thoughts
The news comes as yet another blow for employees affected by these job cuts during difficult times like these but hopefully if all goes according to plan then things will start looking up for them soon enough – along with other workers still employed within the organization .