Meta Sharpens Knives On Facebook, WhatsApp, Instagram And Reality Labs Workforce: Begin Next Round Of Layoff

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  • Meta Platforms, Inc META notified managers to prepare to announce job cuts on Wednesday under a cost-cutting push likely to pare 10,000 positions at the company.
  • The downsizing will impact FacebookWhatsAppInstagram, and Reality Labs, which houses the firm's virtual reality efforts and Quest hardware, Bloomberg reports citing an internal memo.
  • The memo indicates Meta will restructure teams and reassign the remaining employees under new managers.
  • Meta will ask all North American employees who can work from home to do so on Wednesday to have time to process the news.
  • A further round of cuts will follow in May, as CEO Mark Zuckerberg disclosed in March.
  • Meta already fired 13% of its workforce, or about 11,000 jobs, in November. It also extended a hiring freeze through the first quarter.
  • A company spokesperson pointed to Zuckerberg's "year of efficiency" post in March that proposed to disclose restructurings and layoffs in its tech groups in late April and then its business groups in late May.
  • Meta's job cuts and the viability of its metaverse focus have fueled employee concerns regarding job stability.
  • Price Action: META shares traded lower by 0.79% at $216.70 premarket on the last check Wednesday.
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