Meta begins the final part of a series of layoffs of 10,000 employees

An informed source said that Mita started, on Wednesday, the implementation of the last part of the round of layoffs, which consisted of three parts, as part of a plan announced in March to lay off 10,000 employees.

In March, Meta became the first major technology company to announce a second round of mass layoffs, after it revealed that it planned to lay off more than 11,000 employees in the fall.

This caused the company to reduce the number of employees to what it was around mid-2021 in the wake of the hiring wave that doubled its workforce since 2020.

Some employees took to platforms such as LinkedIn on Wednesday to announce their layoffs, in a round that was expected to deeply cut the advertising, marketing and partnerships sales teams.

Meta shares fell 0.4% in pre-market trading.

Chief Executive Officer Mark Zuckerberg said in March that the bulk of the company’s second-round layoffs would take place in three “phases” over several months, largely ending in May. He explained that some of the smaller tours could continue after that.

In general, the cuts affected non-engineering jobs significantly.

Zuckerberg said during a meeting that about 4,000 employees lost their jobs in layoffs in April, following smaller cuts in March.

The layoffs of Meta employees came after months of declining revenue growth amid rising inflation and a decline in digital advertising compared to e-commerce during the Corona pandemic.

TRT Arabic – Agencies

2023-05-24 16:24:37

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