Something isn't loading properly. Please check back later.
Layoffs are making headlines. What's really going on in the job market
01:41 - Source: CNN Business
Latest in tech 16 videos
Layoffs are making headlines. What's really going on in the job market
01:41
Now playing
- Source: CNN Business
Experts warn AI could pose 'extinction' risk for humanity
02:06
Now playing
- Source: CNN
CNN tried an AI flirt app. It was shockingly pervy
These two moments show how Twitter's choices helped former President Trump
01:55
Now playing
- Source: CNN Business
These newscasters you may have seen online are not real people
03:15
Now playing
- Source: CNN
Lawsuit says celebrities were paid to fuel hype behind these NFTs
07:29
Now playing
- Source: CNN
Video: This tiny shape-shifting robot can melt its way out of a cage
01:08
Now playing
- Source: CNN
Hear why this teacher says schools should embrace ChatGPT, not ban it
01:29
Now playing
- Source: CNN
'Make my dad famous': A daughter's quest to showcase her dad's artwork
01:33
Now playing
- Source: CNN Business
Are Musk's Twitter actions a speed bump for Tesla?
02:14
Now playing
- Source: CNN
He loves artificial intelligence. Hear why he is issuing a warning about ChatGPT
04:38
Now playing
- Source: CNN
Twitter competitor to Elon Musk: Get off the internet
02:57
Now playing
- Source: CNN
Tinder is reportedly testing a $500 per month subscription plan. Is it worth it?
02:05
Now playing
- Source: CNN
See the first electrified and fastest-accelerating Corvette
01:16
Now playing
- Source: CNN Business
Facebook could soon reinstate Trump. Two former senior staffers debate the decision
Experts raising alarm over 'crisis' of TikTok's impact on mental health
03:12
Now playing
- Source: CNN
New York CNN —
Facebook parent Meta on Wednesday began its latest round of layoffs focusing on technical workers, who are often thought of as more immune to job cuts in Silicon Valley.
Meta spokesperson Nkechi Nneji confirmed to CNN that some previously announced layoffs were taking place Wednesday, and pointed to CEO Mark Zuckerberg’s March announcement that the company would cut another 10,000 employees in the coming months.
Zuckerberg’s notice said that restructurings and layoffs in Meta’s tech groups would take place in April. Among those affected by Wednesday’s layoffs were members of the company’s sustainability, well-being, user experience, news feed and messaging teams, according to public LinkedIn posts.
Meta reportedly told North American employees to work from home on Wednesday in anticipation of the layoffs. (CNN has not independently confirmed that.)
Members of Meta’s recruiting team were notified of additional layoffs last month, and cuts to the company’s business groups are expected to take place in late May.
The 10,000 job reductions mark the second recent round of significant job cuts at Meta. The company said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in its history.
In September, Meta reported a headcount of 87,314, per a securities filing. With 11,000 job cuts announced in November and the 10,000 announced last month, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%.
Meta has said the layoffs are part of its “year of efficiency,” as the company attempts to engineer a turnaround following repeated revenue declines, heightened competition, concerns about user growth and big losses in its Reality Labs division amid its pivot to building the so-called metaverse. Zuckerberg has also taken responsibility for over-hiring earlier in the pandemic, when there was strong demand for the company’s products and online advertising, which dropped off somewhat once the world reopened.
Zuckerberg said last month that, in some cases, it may take through the end of this year to complete its staff restructuring processes.
“As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs — and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision,” Zuckerberg said in his March statement.
Meta is set to report earnings for the first three months of 2023 next week, during which Wall Street analysts expect it to post its fourth straight quarterly decline in revenue and a more than 30% decline in profits. Still, Meta’s shareholders appear to have been reassured by Zuckerberg’s plans for efficiency — the company’s shares were up more than 70% year-to-date as of midday Wednesday.
Author: Christopher Smith
Last Updated: 1703802961
Views: 1198
Rating: 4.8 / 5 (87 voted)
Reviews: 89% of readers found this page helpful
Name: Christopher Smith
Birthday: 2019-07-01
Address: 715 Carter Village Apt. 920, Brandybury, PA 05059
Phone: +3620950813932344
Job: Pilot
Hobby: Sewing, Chess, Camping, Sailing, Cycling, Yoga, Web Development
Introduction: My name is Christopher Smith, I am a cherished, honest, radiant, unwavering, unguarded, tenacious, apt person who loves writing and wants to share my knowledge and understanding with you.