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.

 

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