Facebook's parent company Meta on Wednesday started its second and final round of layoffs.
According to a report on LiveMint, Meta will be laying off employees across all its platforms- WhatsApp, Facebook, and Instagram, as part of its plan to cut 10,000 jobs. Last year, in November, Meta laid off nearly 11,000 employees.
After a period of extensive recruitment that resulted in the doubling of its workforce since 2020, Meta's current number of employees has declined to a level, which is similar to that of mid-2021.
The employees that were affected took to LinkedIn to share the news, the report said. It further added that the layoffs in the second round are expected to cut into the ad sales, marketing, and partnerships teams.
In March 2023, Meta Chief Mark Zuckerberg said that the majority of these layoffs in the second round would occur in three phases spanning over several months, with the process mostly concluding in May. Additionally, he mentioned the possibility of smaller rounds of layoffs continuing after that timeframe.
Zuckerberg also made a commitment to reorganise the company's business teams and aim to achieve a balance between the number of engineers employed and those employed in other roles.
Also Read
The report also highlighted that Meta's decision to lay off was a result of several factors, which included a decline in revenue growth over several months. The decline was impacted by high inflation and a reduction in digital advertising due to the waning impact of the pandemic-driven e-commerce surge.
Meta has also been investing significant amounts of money into its Reality Labs division, which focuses on the metaverse's development. The unit, however, incurred a great loss of $13.7 billion last year.
