Meta Platforms Inc is set to make further job cuts in March, as the Instagram and Facebook owner searches for ways to implement Mark Zuckerberg’s “year of efficiency” promise.
Zuckerberg, Meta chief executive and founder, suggested earlier this month that the tech giant would strive to cut costs and reorganise this year, as economic uncertainty grows, with a new wave of layoffs due next month, according to the Financial Times.
“We’re working on flattening our organisation’s structure and removing some layers in middle management to make decisions faster,” Zuckerberg said in a call with analysts last week.
An eerie atmosphere of uncertainty and low morale has struck Meta’s offices, with little work being done due to a lack of clarity over budgets and future staff numbers, according to two employees speaking to the FT.
Projects are taking up to a month to be approved, rather than just days previously, they said, with one adding, “honestly, it’s still a mess,” after 11,000 roles were cut in November.
A pandemic-driven boom had seen tech companies rapidly expand since 2020, although many have been left searching for ways to slash costs as economic woes worsen.
A total of 340 firms have cut an aggregate of 102,000 jobs this year, according to website layoffs.fyi, including Amazon.com Inc and Microsoft Corporation.
Meta reported it had missed fourth-quarter profit guidance in early February, with earnings per share of US$1.76, compared to an anticipated US$2.32.
It announced a US$40bn buyback programme at the same time while suggesting 2023 expenses would be between US$89bn and US$95bn, rather than an initially forecasted US$94bn to US$100bn.