Meta is also enacting an array of other cost-cutting moves.
The round of pink slips impacted roughly 13% of Meta’s overall workforce and constitute the most significant layoffs in the company’s history. Prior to the cuts, Meta had more than 87,000 employees globally.Meta’s stock has plunged more than 70% this year as Zuckerberg pours billions into a troubled metaverse projectand declines in its user base. Meta shares rose 5% in premarket trading after the layoffs were announced.
The CEO said job cuts would impact employees across Meta’s “family of apps,” which includes Instagram and WhatsApp, as well as the Reality Labs division responsible for building the metaverse. Meta’s recruiting team will be ‘disproportionately affected” by the layoffs as the company pulls back on hiring.
Zuckerberg outlined additional cost-cutting moves, including cuts to “discretionary spending” and extending a companywide hiring freeze through the first quarter. Meta will require desk sharing for employees “who already spend most of their time outside the office,” he added.
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