Meta plans to lay off even more. The details of this new wave are due to be made public in March.
Tough times for tech giants. The global economy, to put it mildly, is not at the best pace, and this greatly complicates the work of companies in the industry. Especially since most of them had the opportunity to hire employees en masse during the pandemic. The Meta is predicting more layoffs today.
Meta plans to cut even more
Facebook parent company Meta is reportedly planning significant pay cuts in the coming weeks. According to an article in The Financial Times, the situation in the American giant is very delicate at the moment, a new wave of layoffs is needed. Meta is due to announce this new restructuring once it completes a performance review of its teams in March.
Last November, Meta already laid off 11,000 employees, or about 13% of its total payroll. This operation became the largest in the history of the company, layoffs affected all divisions of the company. Meta does not want to speak publicly on this topic yet, and The Financial Times does not specify the extent of this restructuring.
Details of this new wave are due to be revealed in March.
Of course, Meta isn’t the only tech company to have been laid off in recent months, but companies that lay off more than originally expected are much rarer. If The Financial Times information is correct, then Meta will be at about the same level as Amazon or Coinbase. The former announced its intention to cut its workforce by 10,000, and later announced that the figure had finally risen to 18,000. Prior to November, Meta CEO Mark Zuckerberg told analysts that the Menlo Park firm would become a “much smaller company”by the end of 2023.