Meta Platforms Downsizing and Future Plans: A Move towards a Scrappier Place

Anusuya Lahiri
·2 min read
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  • Meta Platforms, Inc (NASDAQ: META) chief tried to appease employees during Thursday's companywide meeting after its final layoff.

  • Zuckerberg told employees that he expected the Facebook parent company to have more stability but less bureaucracy in the future, the Washington Post cites a call recording.

  • Zuckerberg shared his goals of getting to a "scrappier place."

  • On Wednesday, Meta executed its final round of pink slips in a months-long campaign to slash over 10,000 roles and close another 5,000 open jobs.

  • Meta notified about downsizing the employees concentrated in the company's business division, including teams that work on advertising, human resources, and policy initiatives. Senior leaders also announced preliminary reorganization plans for their respective divisions.

  • In May, the company slashed 5,100 people. It laid off recruiters in March, followed by around 4,000 cuts among technical teams in late April. The latest job cuts add to the November workforce reduction, which reduced 11,000 jobs, or about 13% of Meta's workforce.

  • Meta battled intense ad market competition from TikTok, Apple Inc's (NASDAQ: AAPL) privacy rules and e-commerce market slowdown. At the same time, it keeps splurging on its metaverse ambitions which are in no hurry to yield results.

  • Zuckerberg wants more of a "critical mass" of employees working together from the office at least a few days a week to improve performance and boost culture.

  • It plans to revive internal culture partly by discussing its future innovations, including its investment in artificial intelligence which entailed higher capex versus Reality Labs.

  • Price Action: META shares traded higher by 0.52% at $254.26 premarket on the last check Friday.

  • Photo via Facebook

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This article Meta Platforms Downsizing and Future Plans: A Move towards a Scrappier Place originally appeared on Benzinga.com

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