On Wednesday, Meta Platforms Inc. announced yet another round of job cuts, this time affecting engineers and related tech teams, as CEO Mark Zuckerberg continued to restructure the company in an effort to make 2023 a “year of efficiency.”
The second round of mass layoffs at Meta, which it estimated would affect 10,000 employees, were announced in March, making it the first Big Tech company to do so.
Despite being anticipated, Wednesday’s layoffs led to angry reactions from Meta staff. In advance of a forthcoming staff town hall, layoffs were the topic of the most frequently asked questions on an internal business forum on Wednesday.
“You’ve crushed the spirits and leadership faith of many great achievers who put in intense labor. Why ought we to remain at Meta? read a query that Reuters saw.
The query refers to remarks Zuckerberg made the previous year pushing staff to work with more “intensity” to solve the commercial issues facing the parent firm of Facebook and Instagram.
Requests for comment were turned down by the corporation.
After a pandemic-driven boom in digital advertising and cloud computing, Meta’s first round of layoffs in the fall affected more than 11,000 workers, or 13% of its workforce at the time, and came before other significant IT businesses laid off thousands of workers.
Along with the restructure, Meta is “flattening” layers of middle management and shelving lower-priority projects.
The corporation has benefited from shrinking thanks to investors.
In comparison to the tech-heavy Nasdaq Composite, Meta shares have increased by almost 80% this year.
The business, which will release its first-quarter earnings on April 26, is anticipated to profit from regulatory pressure on TikTok’s main competition and a minor uptick in the digital advertising industry.