An informed source said that Meta Platforms, which owns Facebook, began today, Wednesday, the latest part of a three-part layoff round as part of a plan announced last March. lay off 10 thousand employees.
Meta became the first major tech company to announce a second round of massive layoffs after it was reported it would lay off more than 11,000 employees in the fall.
This forced the company to reduce its headcount to mid-2021 levels following a hiring wave that has doubled its workforce since 2020, according to Reuters.
Some employees took to platforms like LinkedIn on Wednesday to announce their layoffs. This was expected to result in significant downsizing of the advertising, marketing and affiliate sales departments.
Meta’s shares fell 0.4% in pre-market trading.
Chief Executive Mark Zuckerberg said in March that the bulk of the company’s second round of layoffs would take place in three “phases” over several months, mostly ending in May, saying several smaller rounds could continue after that.
In general, the cuts have significantly affected non-engineering jobs.
Zuckerberg said during the meeting that about 4,000 employees lost their jobs as a result of layoffs in April, after making small cuts in March.
Mita’s employee layoffs come after months of declining revenue growth amid rising inflation and a reduction in digital advertising compared to e-commerce during the coronavirus pandemic.