Meta to raise performance expectations as Facebook parent reportedly looks to trim fat
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Meta Platforms (NASDAQ:META) employees could reportedly soon face sweeping job cuts after recent comments from executives suggested the company planned to significantly heighten performance expectations and "transition out" anyone who fell short.
According to Business Insider, Lori Goler, META's human-resources chief, circulated an internal memo in early July indicating that cuts could be coming for employees who couldn't meet expectations as the company began to operate with "increased intensity."
Sources close to the matter believe that cuts to head count could be as high as 10% this year; "It hasn't started yet," one employee told Insider about cuts, "but it's coming." Insider indicated that another employee said Meta recently gave them an "offer to leave" the company, essentially a negotiated severance package.
However, a company spokesperson told the news outlet, "we don't have any plans for layoffs at this time."
In late June, Zuckerberg said during a weekly Q&A that the company would set "more aggressive goals" in an effort to weed out employees who couldn't meet them.
At a similar time, Chris Cox, Facebook's chief product officer, sent a memo saying the company would use "leaner, meaner, better executing teams."
In March, the company reported 78K employees which was a 30% rise from year ago month.
META is scheduled to report its Q2 earnings on July 27, 2022 when investors would have a clearer picture of the company's standing; in past 6-months trading, the stock lost 44%; however 32 of the 54 Wall Street Analysts covering the stock, 32 rate it a Strong Buy.
Latest Q2 earnings estimates here; SA Contributor Cavenagh Research recently wrote, "Meta Could Crush Q2: 4 Key Metrics To Watch".