Meta is about to announce a new round of job cuts in the coming days. As reported by Financial Times, the company has not finalized the budgets for its internal teams which means that some of them will be affected by the new round of layoffs.
Because of the existing situation, the managers of each decision are unable to plan relevant activities in advance which disrupts the operational performance while also affecting the projects in such areas as metaverse and advertising which now require more time to tackle.
This step called “flattening” internally has also had a major impact on the morale among employees who have earlier criticized the vision of the “year of efficiency”, an expression used by Meta CEO Mark Zuckerberg to describe the company’s goals for this year.
This new round of сhops may become the second one announced by Meta in less than a year. The company has already laid off 11,000 employees which represent 13% of the total Meta staff.
According to reports, the company has now turned its focus toward middle-management employees who are expected to either switch to non-managerial positions or leave the company altogether.
Despite these cost-cutting measures, Meta said that the metaverse remains one of the critical areas in the long run and it has every intention to continue investing in it.
Within the framework of the Q4 2022 profit and loss statement, Meta CFO Susan Li explained that they are expecting even more losses associated with metaverse operations in 2023.
Other tech companies, including Microsoft, have also announced job cuts as a part of their restructuring which is supposed to help them adapt to the new market environment in the post-coronavirus world.
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