Meta, the parent company of Facebook and Instagram, has begun its third and final round of job cuts, focusing on its business and operations units.
The job cuts included marketing, site security, enterprise engineering, program management, content strategy, and corporate communications, as well as the tech giant’s privacy and integrity units, according to Reuters.
CEO Mark Zuckerberg announced back in November that he decided to reduce the size of their team by 13%, letting go of more than 11,000 employees in a bid to make Meta a leaner and more efficient company.
The new round of job cuts come after 4,000 employees were let go in late April, and the recruiting team was reduced in March.
Back in March, Zuckerberg updated Meta employees on the timeline for the global company’s “Year of Efficiency”.
Mark Zuckerberg
Zuckerberg noted that the company’s goals are to make Meta a better technology company and improve their financial performance in a difficult environment to execute their long-term vision.
“I’ve tried to be open about all the work that’s underway, and while I know many of you are energized by this, I also recognise that the idea of upcoming org changes creates uncertainty and stress. My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” he said.
Zuckerberg said that among the changes will be restructuring plans for the company focused on flattening their organisation, cancelling lower priority projects, and reducing hiring rates.
“Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired.”
“This will be tough, and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They’ve dedicated themselves to our mission, and I’m personally grateful for all their efforts. We will support people in the same ways we have before and treat everyone with the gratitude they deserve.”
Last month, Meta reported its financial results for the quarter ended March 31, 2023 and noted the company made $28.645 billion in revenue, up 3% from $27.908 billion from the same time last year.