- META PLATFORMS
- 24 May 2023 14:57:51
Source: Sharecast
The latest job cuts were targeting workers inMeta's business groups, CNBC said, following a round of layoffs in April of employees in technical roles.
It said the series of cuts would result in around 10,000 workers losing their jobs between April and May, following the initial round in November last year, which saw 11,000 employees let go.
The report said affected Meta staff in fields such as user experience, marketing, recruiting and engineering had announced their dismissals on Wednesday via LinkedIn, backing up earlier reports of the layoffs from Reuters.
Meta's job cuts were part of its “year of efficiency” strategy, which chief executive officer Mark Zuckerberg previously called necessary for the firm to navigate a challenging economic environment, and weaker digital advertising demand.
The company reported a 3% year-on-year increase in first-quarter revenue in April, to $27.91bn, after three quarters of declining revenue in a row.
At 0926 EDT (1426 BST), shares in Meta Platforms were down 0.85% in pre-market trading in New York, at $244.65.
Reporting by Josh White for Sharecast.com.