Meta Plans More Layoffs In Key Projects, Likely To Match Job Cut Numbers From 2022: Report - Meta Platforms (NASDAQ:META)

Meta Platforms Inc META is planning more job cuts in several rounds over the coming months. 

The first round of layoffs is expected to be announced next week, and it would hit the non-engineering roles, people familiar with the matter told The Wall Street Journal.

The sources said that the reductions this year are expected to reach the same proportion of those who remain, though the final count of the cumulative cuts scheduled over the second quarter isn’t yet clear.

Among projects that will be cut are some wearable devices 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, reports WSJ.

According to the report, the additional cuts would be roughly the same as last year’s 11,000 or 13 percent workforce layoffs.

“We’re continuing to look across the company, across both Family of Apps and Reality Labs, and really evaluate are we deploying our resources toward the highest leverage opportunities,” WSJ quoted Meta Chief Financial Officer Susan Li saying at the Morgan Stanley 2023 Technology, Media & Telecom Conference.

Last week, the company announced internally it was shutting its New Product Experimentation group, hinting towards a possible cut in the headcounts. 

Also Read: Mark Zuckerberg’s Security Allowance Just Went Up 40% Amid Meta’s Massive Job Cuts 

Earlier in February, Meta reported fourth-quarter financial results and first-quarter guidance. 

CEO Mark Zuckerberg said in the earnings release that 2023 would be the year of efficiency for Meta Platforms. 

Zuckerberg has said that he’s not in favor of having layers of management in the company, indicating he may be considering a reduction in middle managers. 

Meta has reportedly given poor ratings to thousands of employees in the company’s latest performance reviews. 

The leadership team at Meta “expects the ratings to lead more employees to leave in the coming weeks, and it would consider another round of layoffs if not enough depart.”

Last year, Meta announced the layoffs following disappointing earnings, soaring costs, and a weak advertising market.

After the layoffs, Zuckerberg said he was accountable for Meta’s missteps and that his over-optimism surrounding growth led to overstaffing. “I got this wrong, and I take responsibility for that,” he acknowledged.

Zuckerberg said that the company expects to end 2023 as “roughly the same size or even a slightly smaller organization than we are today.”

Photo: salarko via Shutterstock



Image and article originally from www.benzinga.com. Read the original article here.