It seems like the Meta-verse is falling short on effective programming performance and weak managerial order. Although shares of the Meta company were up more than 3.5%, Meta still plans on laying off over 10,000 workers and incur restructuring costs ranging from three to five billion dollars.
In an announcement on Tuesday, the Facebook parent company said it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, then the business groups in late May.
In a Meta blog message to employees, Zuckerberg stated, “Here’s the timeline you should expect over the next couple of months – org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates.”
This announcement comes after Meta cut more than 11,000 jobs in November. In September 2022, the job count was more than 87,300.
“As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs — and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long-term vision,” said Zuckerberg.
According to the Associated Press, the company posted lower fourth-quarter profit and revenue, hurt by “a downturn in the online advertising market and competition from rivals such as TikTok.”
“As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial, but my main focus is on increasing the efficiency of how we execute our top priorities,” Zuckerberg said.
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