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NEW YORK, May 24, 2010 (FBC) – Facebook owner Meta Platforms Inc. ( Meta.O ) cut jobs in its business and operations divisions on Wednesday as it made the final round of three departmental job cuts. Plans announced in March to eliminate 10,000 roles.
Dozens of employees working in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications took to LinkedIn to announce their layoffs.
The social media giant has cut employees focused on privacy and integrity, LinkedIn posts.
Meta earlier this year became the first big tech company to announce a second round of mass layoffs after more than 11,000 workers were shown the door in the fall. In the year It has scaled back the company’s headcount to mid-2021 following hiring plans to double its workforce starting in 2020.
The company’s shares closed slightly lower in a broadly weak market. Their value has more than doubled this year and is the top performer in the S&P 500 index (.SPX) thanks to a cost-cutting drive and Meta’s focus on artificial intelligence.
Meta CEO Mark Zuckerberg announced in March that the company’s second round of layoffs will most likely take place in three “moments” over several months, most likely ending in May. After that, some smaller rounds may continue, he said.
Overall, the cuts hit non-engineering roles hard, reinforcing the predominance of those who write the code on Meta. Zuckerberg pledged to “substantially” restructure business teams and return to a “more favorable ratio of engineers to other roles.”
Even amid layoffs in particular technology teams, the company has eliminated non-engineering roles such as content design and user experience research, said executives who spoke at a company town hall after the last round of layoffs in April.
About 4,000 employees lost their jobs in April, Zuckerberg said during a town hall, following a small hiring spree in March.
The social media company said on Wednesday that the latest cuts could affect around 490 staff at its global headquarters in Dublin, or 20% of its Irish workforce.
Two senior executives in India’s key market — marketing director Avinash Pant and Saket Jha Sarabh, director and head of media partnerships — were also let go, two people with direct knowledge of the matter said.
The two executives did not immediately respond to requests for comment.
Metta’s layoffs followed months of declining revenue growth due to high inflation and the epidemic of e-commerce growth in digital advertising.
The company It has been pouring billions of dollars into its Metaverse-focused reality lab unit, which will lose $13.7 billion by 2022, and projects to overhaul its infrastructure to support artificial intelligence work.
Reporting by Katie Paul in The New Yorker; Edited by Kenneth Lee and Mark Porter
Our Standards: The Thomson Reuters Trust Principles.
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