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On May 24, Facebook - Meta announced the final round of layoffs. Thousands of employees will lose their jobs, but those who remain are hoping that the "uncertainty" about the future will soon end so they can work with peace of mind.
The round of layoffs will largely complete a restructuring that CEO Mark Zuckerberg announced in March, aiming to cut 10,000 jobs. The company, which owns Facebook, Instagram and WhatsApp, said the layoffs were necessary to improve productivity after a hiring spree during the pandemic.
Meta is conducting its final round of large-scale layoffs as part of a company restructuring effort.
Meta says reducing its workforce allows it to release products and make decisions faster. Shares of the social media company are up more than 100% this year.
But Bloomberg sources said that some of the company’s key work and projects have been put on hold due to the layoffs. In the “limbo,” employees are unsure who to work with or how to transfer responsibilities between teams, while they themselves may be next to lose their jobs.
Mark Zuckerberg announced the affected business units weeks ago, leaving employees in those departments anxious and demotivated, or working only part-time until further notice.
The layoffs were announced via email at 5 a.m. in San Francisco. Meanwhile, the majority of local workforces in other countries were cut. In Ireland, Meta announced it planned to cut 490 positions, including in finance, sales, marketing and engineering. The company also closed Instagram’s London office earlier.
Since the first round of layoffs last November, which eliminated 13% of its workforce, Meta has undergone three more rounds of cuts. The company has also frozen hiring for most positions and asked mid-level managers to step up their personal contributions or risk losing their jobs.
Executives blame the rush on hiring during the pandemic, when people are stuck at home and spending more time online on social media platforms.
Then, last year, Meta's revenue growth declined for the first time due to uncertain macroeconomic conditions, combined with changes to advertising policies imposed by Apple, which forced marketers to cut spending budgets.
Meanwhile, Mark Zuckerberg's "metaverse" project has cost the company billions of dollars without showing any signs of generating profits for at least a decade, causing the social networking company's stock to fall 64%, the deepest level since Meta went public.
According to Vietnamnet
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