Meta Platforms Inc. has begun laying off employees across several of its units, including Instagram, WhatsApp, and Reality Labs, according to a report by The Verge.
The layoffs are part of Meta’s broader strategy to align with its long-term goals and location strategies. While the exact number of job cuts was not specified, the report indicated that the layoffs were relatively small in scale.
In a statement to Reuters, a Meta spokesperson explained that some teams are being relocated or restructured, with affected employees being reassigned where possible. In instances where roles are eliminated, the company works to find alternative opportunities for impacted staff members. However, Meta has not disclosed the exact number of employees affected by the latest cuts.
Separately, the Financial Times reported that Meta recently terminated around two dozen employees in Los Angeles over alleged misuse of the company’s daily meal credits. The employees were accused of using their $25 meal allowance to purchase non-food items, including household goods like acne pads and laundry detergent. Meta has declined to comment on this report.
Since November 2022, Meta has cut approximately 21,000 jobs in an effort to reduce costs. CEO Mark Zuckerberg has dubbed 2023 the “Year of Efficiency,” as the company focuses on streamlining operations. The latest round of layoffs follows this efficiency drive, which has seen Meta shares soar by over 60% this year.
Despite the cost-cutting measures, Meta’s financial performance remains strong. The company recently exceeded market expectations for its second-quarter revenue and issued a positive forecast for the third quarter, with strong digital ad spending bolstering its investments in artificial intelligence.