Meta, in a major cost-cutting measure, cut thousands of jobs across the divisions in November last year. But it looks like the company isn’t cutting jobs just yet. According to a new report, Meta is likely to cut more jobs and these job cuts may be announced as early as next month.
Two Meta employees familiar with the situation told the publication that there has been a lack of clarity in recent weeks about the budget and the number of future chiefs.
Notably, the news comes shortly after Meta announced that it expects its 2023 expenses to be between $89 billion and $95 billion instead of its previous outlook of $94 billion to $100 billion, CEO Mark Zuckerberg called the time “the year of efficiency”.
The latest forecast reflects the company’s savings from 11,000 job cuts announced in November 2022, plans to lower data-center construction spending and steps to shed non-critical projects.
Meta’s job cutting spree
For Unverse, Meta cut 11,000 jobs across divisions in November 2023, representing about 13 percent of its global workforce. Those who were let go included 90 per cent of the company’s India team. Furthermore, the report also states that the company plans to discontinue both the Portal and the two smartwatches that are under development.
The company also spun off its connectivity division, about 10 years after launching the initiative. Through the initiative, the company developed and later abandoned a project involving high-flying, autonomous drones to transmit internet to remote areas of the world. It also provided free internet in developing countries.
“I got it wrong, and I take responsibility for it. In this new environment, we need to become more capital efficient. We have shifted more of our resources to a smaller number of high priority growth areas – like our AI Discovery Engine, our advertising and merchandising platforms, and our long-term vision for the Metaverse,” Mark Zuckerberg said at the time.
“We have cut costs in our business, which includes reducing budget, reducing perks and reducing our real estate footprint. We are reorganizing teams to increase our efficiency. But these measures alone will not bring our expenses in line with our revenue growth, so I have also made the tough decision to let people go,” Zuckerberg said.
In addition to job cuts and closing divisions, the company also reportedly rescinded offers of full-time employment to some people.
Mark Zuckerberg’s message to managers
Recently, Meta’s CEO reportedly put the company’s middle managers on notice. “I don’t think you want a management structure that’s just managing managers, managing managers, managing managers, managing people who are doing the work,” Zuckerberg said. Reportedly told the old managers.
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