Meta began its latest round of layoffs as it restructures to make 2023 a “year of efficiency,” in the words of its chief.
The layoffs largely hit employees with technical qualifications in areas such as programming and engineering, according to a report by CNBC.
Meta shares have increased by 63.99% in the past six months.
In a blog post published on March 14, CEO Mark Zuckerberg had said that more job cuts would take place in 2023, specifically in late April and late May.
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The cuts in late April would affect technical roles, he said, while those in May would impact employees in the business sector. Mr. Zuckerberg also warned that other cuts could take longer to finalise.
Meta has fired over 10,000 workers last year, and aims to reduce its workforce by another 10,000 or so. It will also be closing around 5,000 open roles.
The company’s Reality Labs unit which is developing the metaverse has recorded losses in the billions of dollars. However, Meta is also investing more resources in the generative AI space.