Meta Corporation plans to announce additional employee layoffs in stages over the coming months. He writes about this with reference to sources The Wall Street Journal.
According to the paper, the scale of the new cuts could be in line with last year’s. In November 2022, the company announced the layoff of 11,000 people (13% of the state) as part of a reorganization of its structure.
The first wave of new cuts will be reported next week, according to a WSJ source. As a result, Meta may be shutting down some teams and projects, including those associated with the metaverse-centric division of Reality Labs.
The head of the corporation, Mark Zuckerberg, took responsibility for the last series of layoffs. In February, while speaking to investors about fourth-quarter earnings, he called 2023 “the year of performance,” according to The Verge.
According to a memo from Mark Zuckerberg cited by Variety, we are talking about the reduction of 10,000 jobs (11.6% of the total number of employees). The CEO of Meta also announced the closing of 5,000 additional vacancies and the introduction of a moratorium on hiring.
A new round of layoffs at Meta will cut total corporate spending for 2023 from $89-95 billion to $86-92 billion, says in a statement SEC. Restructuring costs will amount to $5 billion.
Recall that since the beginning of the year, Microsoft laid off about 10,000 people. Payments company PayPal has cut 2,000 employees, or roughly 7% of its staff.
According to a report from CoinGecko, 2,806 people lost their jobs in the digital currency industry in January. 84% of the layoffs came from cryptocurrency exchanges.
Previous cuts were reported by Coinbase, ConsenSys, Genesis Trading, Blockchain.com, Gemini, Luno, Matrixport, Chainalysis, Bittrex, Messari and other crypto companies.
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