Jaraa'idJaraa'id
Notification Show More
Latest News
China’s economic rebound weaker than expected, warns Maersk
Business
Dusty Henricksen grabs slopestyle Crystal Globe, Taiga Hasegawa signs off season with victory
Sports
North Korea fires ballistic missile: Seoul
Asia
Panama warns of surge in US-bound migration through deadly jungle
Business
Carlos Alcaraz flattens Dusan Lajovic to set up last-16 clash with Tommy Paul at Miami Open
Sports
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: Meta to launch a fresh round of cuts to its workforce this week
Share
Aa
Jaraa'idJaraa'id
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
Jaraa'id > Business > Meta to launch a fresh round of cuts to its workforce this week
Business

Meta to launch a fresh round of cuts to its workforce this week

News Room
Last updated: 2023/03/14 at 7:53 AM
News Room Published March 14, 2023
Share
SHARE

Mark Zuckerberg will begin a second round of cuts to Meta’s workforce on Wednesday, according to people familiar with the matter, as he continues his push to cut costs in what he has deemed a “year of efficiency”. 

The $469bn social media company is preparing to slash thousands of jobs, several people said, as part of the chief executive’s push to wrestle its finances under control as the economic slowdown has eaten into its earnings. This comes on top of the reductions announced late last year, which affected 11,000 jobs of a workforce that was 87,000-strong at the time.

A growing number of senior leaders have also quit the company in recent weeks, adding to uncertainty internally. Nada Stirratt, vice-president of the sales organisation for the Americas at Meta, resigned on Monday, according to three people familiar with the matter, and chief business officer Marne Levine left in February.

The deep cuts to Meta’s workforce have come in response to investor frustration over the company’s bloated headcount and Zuckerberg’s decision to make multibillion-dollar investments in building a “metaverse”. 

In anticipation of the cuts, some team budgets have been frozen, while leaders recently told some staff that they were not handing out promotions to director level for certain teams, two people said. The uncertainty has resulted in disruption and low morale internally for months, multiple insiders said.

“We have a real dilemma on our hands in terms of talent when there’s so much chaos,” one senior staffer said, adding that it was also affecting advancement and compensation.

As with other businesses largely dependent on advertising spending, Meta has slumped this year faced with tough macroeconomic conditions and competition with rivals such as TikTok. At the same time, Zuckerberg has pivoted his company’s focus to investing $10bn a year into building a digital avatar-filled metaverse, an initiative that is unlikely to be profitable for years.

In February, Zuckerberg announced that Meta — which owns Facebook, Instagram and WhatsApp — would adopt a mantra of “efficiency”, including slashing ineffective projects and trimming some layers in middle management “to make decisions faster”. To achieve the latter, some managers are being asked to either move to roles where they do not manage anyone, known as individual contributor roles, or leave the company.

The latest cuts are expected to disproportionately hit the policy, marketing and communications teams, according to people familiar with the matter.

The cuts are likely to roll out in multiple rounds across several months, according to a report by the Wall Street Journal.

Meta declined to comment.

On Monday, Meta’s head of fintech Stephane Kasriel said on Twitter that the company was winding down its digital collectibles, or non-fungible tokens, in order to “focus on other ways to support creators, people, and businesses”. 

The cuts will be welcomed by Wall Street. Already, Meta’s improving outlook at its fourth-quarter results sent shares up 18 per cent, adding $88bn to its market value. In a Jefferies equity research note this month, analysts wrote: “We believe more headcount reductions are needed to offset the last 2 years of excess hiring.” 

But employees have complained of delays to projects and staffers lacking motivation given the spectre of the second round of cuts so soon after the round in November.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 14, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News
Business

China’s economic rebound weaker than expected, warns Maersk

News Room News Room March 27, 2023
Dusty Henricksen grabs slopestyle Crystal Globe, Taiga Hasegawa signs off season with victory
North Korea fires ballistic missile: Seoul
Panama warns of surge in US-bound migration through deadly jungle
Carlos Alcaraz flattens Dusan Lajovic to set up last-16 clash with Tommy Paul at Miami Open
Jay Powell and Janet Yellen struggle to calm nerves in banking crisis
Next Tottenham Hotspur manager: Mauricio Pochettino to return? Julian Nagelsmann or Luis Enrique?
Air India boss hails biggest turnround effort in airline’s history
- Advertisement -
Ad imageAd image

You Might also Like

Business

China’s economic rebound weaker than expected, warns Maersk

March 27, 2023
Business

Panama warns of surge in US-bound migration through deadly jungle

March 27, 2023
Business

Jay Powell and Janet Yellen struggle to calm nerves in banking crisis

March 26, 2023
Business

Air India boss hails biggest turnround effort in airline’s history

March 26, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?