Facebook’s parent company Meta has begun laying off 4,000 employees in tech jobs as part of the tech giant’s latest layoffs announced last month.
CNBC reported on wednesday Employees with technical backgrounds in user experience, software engineering, graphics programming, and gameplay engineers working on the MetaVerse virtual reality product posted on social media about their layoffs.
“I woke up this morning to the unfortunate news that I was one of many people fired from Meta today,” one Facebook business program manager wrote on LinkedIn.
“Definitely disappointed, but extremely grateful to have had the opportunity to work with some of the most talented people for almost three years!”
In March, Meta announced plans to lay off about 10,000 more employees as part of Chief Executive Mark Zuckerberg’s cost-cutting push.
Following the 11,000 job cuts announced last November, the restructuring efforts have expanded to a total of 21,000 jobs.
In February, Mr. Zuckerberg declared 2023 to be Meta’s “Year of Efficiency,” hinting at further job cuts.
He later suggested that April’s cuts would target technical workers, with business groups continuing in late May.
Meta expects restructuring costs of approximately A$3 billion (A$4.47 billion) to A$5 billion (A$7.46 billion) related to facility integration costs, severance and other personnel costs.
Zuckerberg admitted that the company was hiring too aggressively during the pandemic-era tech-assessment boom.
The company’s worst year ever was 2022, when it struggled to transition to costly metaverse technology despite falling revenues and worsening economic conditions.
In a February memo, Zuckerberg acknowledged that his employees might be surprised by the latest cost-cutting announcements, but noted that factors such as rising interest rates, geopolitical instability and tightening regulations could push prices down. warned that “this new economic reality will continue for years.”
CNBC noted that Wall Street has responded favorably to the downsizing, with Meta’s stock soaring 81% this year after losing about two-thirds of its value last year.
Meta has posted three straight quarters of declining revenue amid weak online advertising sales and expects further revenue declines in the first quarter next week.
– New York Post and