Meta Platforms, Inc. META is facing intense criticism from former employees who say the company's latest round of performance-based layoffs unfairly targeted high performers, including those on parental and medical leave.
What Happened: On Monday, Meta began cutting approximately 3,600 jobs, or 5% of its workforce, in what CEO Mark Zuckerberg called a performance-based layoff.
However, many affected employees have taken to public forums to dispute the claim, arguing that they had no history of underperformance, reported Business Insider.
"The hardest part is Meta publicly stating they're cutting low performers, so it feels like we have the scarlet letter on our backs," one former employee told the publication. "People need to know we're not underperformers."
Meta did not immediately respond to Benzinga’s request for comment.
On Blind, an anonymous forum for tech workers, former Meta employees accused the company of targeting workers on leave. Some workers believe the cuts were motivated by cost-cutting, not performance.
"Meta is now the cruelest tech company out there," said one worker.
Why It Matters: The controversy surrounding Meta’s layoffs comes on the heels of a strong financial performance by the company. In its fourth-quarter earnings report, Meta reported revenue of $48.39 billion, surpassing analyst expectations of $47.03 billion.
Price Action: Meta’s stock dipped 0.25% in after-hours trading to $726.74. Earlier on Thursday, it closed at $728.56, reflecting a 0.44% gain, according to Benzinga Pro data. Year-to-date the company's stock has surged by 21.58%.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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