Meta Platforms reportedly wrapping up spring layoffs, deepest in tech
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Meta Platforms (NASDAQ:META) has reportedly launched the last round of a three-round set of layoffs it announced in March -- a move that will bring its headcount back to mid-2021 levels.
Meta had gone a bit further than its tech-giant peers when it came to retrenching amid an economic slowdown: After cutting 11,000 jobs in the fall, in March it announced a second major round of layoffs that would eliminate another 10,000 positions, setting up what CEO Mark Zuckerberg called a "year of efficiency."
After some cuts in March and another 4,000 in April, Meta's now implementing the last leg of the spring layoffs, Reuters reported.
They were largely expected to have an impact on marketing, ad sales and partnerships teams -- and employees from teams including marketing, recruiting, engineering and corporate communications were on LinkedIn saying they were laid off, Reuters noted. Overall, the tenor of the moves has been to cut non-engineering roles, in line with Zuckerberg's goal to return to a "more optimal ratio" of engineers to non-engineers.
The moves will also hit about 20% of Meta's Irish workforce as they land on about 490 employees in Dublin, Meta has added.
Meta's "year of efficiency" has taken focus in the past few months of sell-side Street analysis of the company. Shortly after the March announcement, J.P. Morgan analyst Doug Anmuth said "Importantly, 2023 may be the 'Year of Efficiency,' but we believe Meta is building the critical muscle for financial discipline over the long term."
The cuts don't do much to solve revenue issues, but they do "demonstrate prudence by management and should improve profitability, thus giving the market what it wants," Argus Research said.
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