Meta has embarked on a new round of layoffs as part of the company’s “productivity year”. The latest round of layoffs targets members of Meta’s various business groups and follows the previous round in April that affected employees in technical roles. After the company’s first round of layoffs in November, which affected 11,000 employees, nearly 10,000 employees will lose their jobs in these last two rounds.Meta laid off a total of 21,000 employees
Meta has embarked on its third round of layoffs as part of the company’s multi-billion dollar cost savings plan. The layoffs are part of Meta’s “productivity year”, which Zuckerberg presents as essential to weakening the company and becoming more agile in the struggling economy and weakening digital advertising market.Despite the cost cuts, Meta still invests heavily in the metaverse. The Reality Labs unit, which develops virtual reality and augmented reality technologies, including Metaverse, posted revenue of $339 million in the first quarter and posted an operating loss of $3.99 billion.
With the recent layoffs, the total number of employees Meta has laid off since last November has reached approximately 21,000. While Meta’s layoffs are among the highest in the industry, it’s far from the only tech company to have laid off in the past few months. Amazon, Google, Microsoft and dozens of other companies have drastically reduced their workforces since the start of the year.
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