Meta Platforms Inc on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams, as Chief Executive Mark Zuckerberg…
Meta in March became the first Big Tech company to announce a second round of mass layoffs, which it said would take place in three main batches over several months and impact 10,000 employees.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The question references comments Zuckerberg made last year urging employees to work with more “intensity” to meet the Facebook and Instagram parent company’s business challenges.Meta’s first round of layoffs in the fall hit more than 11,000 employees, or 13% of its workforce at the time, and preceded other major tech companies shedding thousands of employees after a pandemic-led boom in digital advertising and cloud computing.
With the restructuring, Meta is also shelving lower-priority projects and “flattening” layers of middle management.Meta shares have surged about 80% this year, outperforming the tech-heavy Nasdaq Composite’s 16% rise in the period. The company, which will announce its first-quarter results on April 26, is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on chief rival TikTok.
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