An informed source said that the company, “Meta Platforms”, owner of “Facebook”, began today, Wednesday, the implementation of the last part of the round of layoffs, which consisted of three parts within the framework of a plan announced last March to lay off 10 thousand employees.
Meta became the first major technology company to announce a second round of mass layoffs after it revealed that it would lay off more than 11,000 employees in the fall.
This caused the company to reduce the number of employees to what it was around mid-2021, following a wave of hiring that doubled its workforce since 2020, according to Reuters.
Some employees took to platforms such as LinkedIn on Wednesday to announce their layoffs, in a round that was expected to deeply cut the advertising, marketing and partnerships sales teams.
Shares of “Meta” fell by 0.4% in pre-market trading.
Chief Executive Officer Mark Zuckerberg said in March that the bulk of the company’s second-round layoffs would be done in three “phases” over several months largely ending in May, saying some smaller rounds could continue after that.
In general, the cuts affected non-engineering jobs significantly.
Zuckerberg said during a meeting that about 4,000 employees lost their jobs in layoffs in April, following smaller cuts in March.
The layoffs of Mita employees came after months of declining revenue growth amid rising inflation and a decline in digital advertising compared to e-commerce during the Corona pandemic.
