Meta Platforms Inc. is laying off employees across several divisions, including Instagram, WhatsApp, and Reality Labs, according to a report from The Verge.
A Meta spokesperson confirmed to Reuters that certain teams are undergoing changes to better align with the company’s long-term strategic goals and location strategies. “This includes moving some teams to different locations and shifting some employees to different roles. In situations where a role is eliminated, we work hard to find other opportunities for affected employees,” the spokesperson stated.
While The Verge did not specify the number of job cuts, it noted that they were relatively small, and Meta has not provided details on the exact figures.
In a separate incident, the Financial Times reported that Meta terminated around two dozen employees in Los Angeles for allegedly misusing their daily $25 meal credits to purchase household items, such as acne pads and wine glasses. These layoffs occurred last week and are unrelated to the broader restructuring efforts, according to the FT.
Meta has been actively reducing its workforce, having cut approximately 21,000 jobs since November 2022 as part of its cost-cutting measures. CEO Mark Zuckerberg has referred to 2023 as the “Year of Efficiency.”
Despite these layoffs, Meta’s shares have risen more than 60% this year. The company recently exceeded market expectations for revenue in its second-quarter results and issued a positive sales forecast for the third quarter, suggesting that strong digital advertising spending on its platforms is helping to offset the costs of its investments in artificial intelligence.
