Meta Ousts 1.5K HR Employees Under Its Second Downsizing Round

Meta Platforms, Inc META initiated job cuts as planned, starting with 1,500 recruiting and human resources employees.
During an internal meeting with employees, CEO Mark Zuckerberg informed employees that the economic climate of layoffs and restructuring could last “many years,” Bloomberg reports citing familiar sources.
Meta explained the first wave of cuts to the executives Thursday morning.
Also Read: Apple Joins Cost Cut Bandwagon, Eases On Bonus, Hiring, Triggers Employee Fears Of Layoffs
However, Meta is yet to inform all of the people who are affected. For instance, layoffs in engineering are likely in April.
On March 14, Zuckerberg shared plans to lay off about 10,000 employees and eliminate 5,000 open roles under its second downsizing round. Meta fired 11,000 people in November or 13% of its staff.
Zuckerberg told employees on Thursday that those cuts were more tied to performance, but the more recent cuts were reportedly due to financial need and product priorities.
Price Action: META shares traded lower by 1.55% at $201.75 premarket on the last check Friday.