Facebook-parent company Meta planning more layoffs: report

The new round of Meta layoffs is said to “disproportionately” impact non-engineering roles and Mark Zuckerberg is seemingly “deputising human resources, lawyers, financial experts and top executives” to draw up plans to deflate hierarchy within the company. Facebook-parent company Meta planning more layoffs: report.

Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly planning to lay off thousands of employees soon. As reported by the Washington Post, the new round of layoffs is said to “disproportionately” impact non-engineering roles and CEO Mark Zuckerberg is seemingly “deputising human resources, lawyers, financial experts and top executives” to draw up plans to deflate hierarchy within the company.

Meta sacked roughly 11,000 workers, or 13 per cent of the global workforce, in November 2022. At that time, the company cited overhiring and poor macroeconomic conditions for the layoff. The fresh round of layoffs may stem from similar reasons, and Meta is also mitigating costs amid falling revenue. The company said its revenue was $32.17 billion (Q4 2022) and $116.61 billion (2022), a decrease of 4 per cent and 1 per cent year-over-year for the fourth quarter and year 2022, respectively.

The report notes that Meta is also considering more traditional cuts, including slashing some projects. These cuts, which are reportedly targeted at divisions across the company, may not happen at once but gradually.Notably, the report about upcoming layoffs at Meta comes days after it was reported that the company purposely gave “subpar ratings” to thousands of employees during their performance review. This hinted at the company’s plan to trim more workforce.

The Washington Post reports that layoffs were also hinted at by Zuckerberg during his last earnings call, despite telling workers that the worst might be over, referring to 11,000 job cuts in November. He said, “We closed last year with some difficult layoffs and restructuring some teams… When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.”

The company is also trying fresh moves to boost revenue. Meta announced a Meta Verified subscription that promises new features and a verified blue badge on Facebook and Instagram. It is priced at $11.99 (around Rs 990) per month on the web or $14.99 (around Rs 1,240) per month on iPhones. The subscription is only available in Australia and New Zealand (for now). The subscription was announced after some digital advertisers pulled back on spending as inflation continues.

Not just Meta, other tech giants may also lay off workers in the coming months if macroeconomic situations don’t improve. Amazon initially planned to sack 10,000 employees, but the company decided to lay off more than 8,000 workers earlier this year. Twitter, which is now owned by Elon Musk, is finding every possible solution to cut costs. From letting go of office to auctioning company supplies, Twitter is raising money from all corners.

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