Since November 2022, Meta has cut approximately 21,000 jobs in an effort to reduce costs, with CEO Mark Zuckerberg dubbing 2023 as the “Year of Efficiency.”
Meta is laying off employees across various divisions, including Instagram, WhatsApp, and Reality Labs, according to a report by The Verge on Wednesday, citing sources familiar with the matter.
A Meta spokesperson informed Reuters that several teams were adjusting to align with Meta’s long-term strategic and location objectives. “This includes relocating some teams and reassigning certain employees to different roles. When a role is eliminated, we strive to identify alternative opportunities for affected employees,” the spokesperson stated.
The Verge report did not provide specific numbers but described the layoffs as limited. Meta also declined to disclose figures.
Separately, the Financial Times reported that Meta dismissed about two dozen employees in Los Angeles for allegedly misusing their daily $25 meal allowance to purchase household items such as acne pads, wine glasses, and laundry detergent.
According to the Financial Times, these terminations are separate from team restructurings and occurred last week. Meta declined to comment on the report.
Since November 2022, Meta has cut around 21,000 jobs to reduce expenses, with CEO Mark Zuckerberg designating 2023 as the “Year of Efficiency.” This approach has contributed to a more than 60% rise in Meta’s stock this year.
In its latest second-quarter earnings, Meta exceeded revenue expectations and provided an optimistic sales forecast for the third quarter, indicating that strong digital advertising on its social media platforms is helping offset the cost of its investments in artificial intelligence.
