Meta is expected to continue layoffs involving departments such as Instagram, WhatsApp, and Reality Labs
Meta is laying off employees in departments such as Instagram, WhatsApp, and Reality Labs to align with long-term strategic goals. A spokesperson stated that some teams will be relocated to different locations, making efforts to find other opportunities for affected employees. The scale of the layoffs is relatively small, with specific numbers undisclosed. Since November 2022, Meta has already reduced around 21,000 positions, with CEO Mark Zuckerberg calling 2023 the "year of efficiency." Despite this, Meta's stock price has risen by over 60% this year, with second-quarter financial results exceeding expectations and third-quarter sales forecasts looking optimistic
According to sources familiar with the matter, Meta (META.US) is reportedly laying off employees in multiple departments including Instagram, WhatsApp, and Reality Labs.
A spokesperson for Meta stated in a release that some of the company's teams are being adjusted to align with their long-term strategic goals and positioning strategies.
The spokesperson said, "This includes moving some teams to different locations and transitioning some employees to different roles. In cases where a position is eliminated, we work hard to find other opportunities for affected employees."
The report did not specify the exact number of layoffs, but mentioned that the scale of layoffs is minimal. Meta has not commented on these figures.
There are also reports that Meta has fired 24 employees in Los Angeles for allegedly using the daily $25 meal allowance to purchase household items such as acne pads, wine glasses, and laundry detergent.
The layoffs were reported to be separate from the team restructuring conducted last week. Meta declined to comment on this report.
Since November 2022, Meta has already cut around 21,000 jobs to maintain low costs, with CEO Mark Zuckerberg calling 2023 the "year of efficiency."
In terms of stock price, Meta has risen by over 60% year to date.
Meta's recent second-quarter financial report exceeded market expectations in revenue and released optimistic sales forecasts for the third quarter, indicating that strong digital advertising spending on its social media platforms can offset the costs of artificial intelligence investments