According to The Verge, which cited sources familiar with the matter, Meta is set to lay off employees across its divisions, including Instagram, WhatsApp, and Reality Labs.
A Meta spokesperson confirmed that some teams are changing to align with long-term strategic goals and location plans. These changes involve moving teams to new locations or assigning employees to different roles.
In cases where roles are eliminated, Meta works to find alternative opportunities for affected employees. However, the company did not disclose the exact number of job cuts.
The Verge report noted that the layoffs were relatively small, while Meta declined to provide specifics. Meanwhile, the Financial Times revealed that Meta recently terminated about two dozen employees in Los Angeles.
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These employees allegedly misused their $25 daily meal allowance to purchase household items like acne pads, wine glasses, and laundry detergent.
These terminations, which took place last week, occurred separately from the team restructuring. Meta did not comment on the Financial Times report.
Since November 2022, Meta has cut approximately 21,000 jobs as part of CEO Mark Zuckerberg’s focus on cost reduction. He dubbed 2023 the "Year of Efficiency." Despite these cost-cutting measures, Meta’s stock has surged over 60% this year.
In its recent second-quarter earnings report, Meta exceeded revenue expectations. She provided an optimistic outlook for the third quarter, driven by strong digital ad spending across its platforms, which helps offset its AI investment costs.
