Continuing to downsize, and what the CEO of the company Mark Zuckerberg has called a "year of efficiency," Meta is going to layoff employees in another round of mass cuts in May.
Meta has laid off nearly 25 per cent of its estimated workforce in just a few months as the US tech sector continues to downsize, reported Vox.
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Zuckerberg announced in March that the company planned to eliminate 10,000 positions by the end of May. The company had previously slashed 11,000 jobs in November 2022.
In March itself, Meta cut around 4,000 of those planned 10,000 positions, leaving about 6,000 positions potentially on the chopping block this round.
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The new round of layoffs was announced in the Q&A session with the company's executives, as per a Vox report.
One top question asked during the employee Q&A was if there will be any more layoffs in the future.
“We don’t have anything planned,” Meta CTO Andrew “Boz” Bosworth said (Vox report). “The plan is to continue as we have done for a long time as a company and go forth and build and grow.” But the executive also added, “I can’t tell you if the revenue tanks and the economy tanks or costs go up for some reason or some kind of thing happens. You know, I can’t know the future.”
Global tech giants are carrying out mass layoffs. According to Layoffs.fyi, the running total of layoffs for 2023 based on full months to date is 168,243.
Also Read | Meta begins second round of layoffs in Facebook, WhatsApp, Instagram
However, despite carrying out mass layoffs, several top Silicon Valley companies are reportedly looking to hire lower-paid tech workers from foreign countries. Google, Meta, Amazon, Microsoft, Zoom, Salesforce, and Palantir have applied for thousands of H1B worker visas this year, according to a US Department of Labor data, reported independent investigative journalist Lee Fang.
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