Social media giant Meta Platforms on Wednesday executed additional job cuts aimed at engineers and related tech teams.
This move was made by CEO Mark Zuckerberg as part of his efforts to simplify the company’s operations and increase efficiency in 2023.
Earlier in March, Meta had already announced its second wave of mass layoffs, making it the first major tech company to do so. This second round was expected to be carried out in three main phases over the next several months, affecting 10,000 employees.
The recent job cuts have caused frustration among Meta’s workforce, with layoff-related questions being the most popular topic on the company’s internal forum prior to an upcoming employee town hall meeting.
Previously, in the fall, Meta had already laid off more than 11,000 employees, or 13 percent of its workforce at the time. This move preceded similar actions taken by other major tech companies after the pandemic-led surge in digital advertising and cloud computing.
In addition to the job cuts, Meta is also scrapping lower-priority projects and simplifying its middle management structure.
Despite these changes, Meta’s stock has risen approximately 80 percent this year, surpassing the 16 percent increase seen in the tech-heavy Nasdaq Composite during the same period.
Meta is expected to report its first-quarter results on April 26. Digital advertising business experts think that Meta may benefit from the digital advertising market’s modest recovery, as well as regulatory pressure on its main competitor, TikTok.
