Meta is not done cutting jobs yet, more jobs could happen next month: Report
Meta, in a major cost cutting measure, cut thousands of jobs across divisions in November last year. But it looks like the company isn’t cutting jobs yet. As per a new report, Meta is likely to cut more jobs and these job cuts could be announced as early as next month.
Two Meta employees familiar with the situation told the publication that there had been a lack of clarity surrounding budgets and future head count in the recent weeks.
Notably, the news comes shortly after Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion, instead of its previous outlook of $94 billion to $100 billion with CEO Mark Zuckerberg calling the time a “Year of Efficiency.”
The fresh forecast reflects the company’s savings from the 11,000 job cuts that it announced in November 2022, plans for lower data-center construction expenses and moves to drop non-crucial projects.
Meta’s job cutting spree
For the unversed, Meta cut 11,000 jobs across divisions in November 2023, which represents roughly 13 percent of its global workforce. The people who were let go off included 90 percent of the company’s India Team. In addition to that, reports also stated the company planned to kill both Portal and the two smartwatches that were under development.
The company also shut down its Connectivity division almost 10 years after launching the initiative. Through the initiative, the company developed and later abandoned a project that involved high-flying, autonomous drones to beam the internet to remote areas of the world. It also provided free internet in developing countries.
“I got this wrong, and I take responsibility for that. In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse,” Mark Zuckerberg had said at the time.
“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go,” Zuckerberg had added.
In addition to job cuts and shutting down divisions, the company also reportedly rescinded full-time employment offers to some people.
Mark Zuckerberg’s message to the managers
More recently, the Meta CEO reportedly put the middle managers at the company on notice. “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work,” Zuckerberg reportedly old the managers.
The post Meta is not done cutting jobs yet, more jobs could happen next month: Report appeared first on Techlusive.
Meta, in a major cost cutting measure, cut thousands of jobs across divisions in November last year. But it looks like the company isn’t cutting jobs yet. As per a new report, Meta is likely to cut more jobs and these job cuts could be announced as early as next month.
Two Meta employees familiar with the situation told the publication that there had been a lack of clarity surrounding budgets and future head count in the recent weeks.
Notably, the news comes shortly after Meta announced that it expects its 2023 expenses at between $89 billion and $95 billion, instead of its previous outlook of $94 billion to $100 billion with CEO Mark Zuckerberg calling the time a “Year of Efficiency.”
The fresh forecast reflects the company’s savings from the 11,000 job cuts that it announced in November 2022, plans for lower data-center construction expenses and moves to drop non-crucial projects.
Meta’s job cutting spree
For the unversed, Meta cut 11,000 jobs across divisions in November 2023, which represents roughly 13 percent of its global workforce. The people who were let go off included 90 percent of the company’s India Team. In addition to that, reports also stated the company planned to kill both Portal and the two smartwatches that were under development.
The company also shut down its Connectivity division almost 10 years after launching the initiative. Through the initiative, the company developed and later abandoned a project that involved high-flying, autonomous drones to beam the internet to remote areas of the world. It also provided free internet in developing countries.
“I got this wrong, and I take responsibility for that. In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse,” Mark Zuckerberg had said at the time.
“We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go,” Zuckerberg had added.
In addition to job cuts and shutting down divisions, the company also reportedly rescinded full-time employment offers to some people.
Mark Zuckerberg’s message to the managers
More recently, the Meta CEO reportedly put the middle managers at the company on notice. “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work,” Zuckerberg reportedly old the managers.
The post Meta is not done cutting jobs yet, more jobs could happen next month: Report appeared first on Techlusive.
