Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) is laying off employees across its units, including Instagram, WhatsApp, and Reality Labs, as part of its ongoing effort to streamline operations, according to an exclusive in the tech magazine The Verge.
The exact number of job cuts is unclear, though the layoffs are reported to be small.
Meta stated that some teams are being relocated or reassigned to align with long-term goals, while efforts are being made to find new roles for affected employees.
Separately, Meta fired two dozen staff in Los Angeles for misusing company meal credits.
Since November 2022, Meta has cut around 21,000 jobs to reduce costs, with CEO Mark Zuckerberg labelling 2023 as the 'year of efficiency'.
Despite the layoffs, Meta's shares have risen over 60% this year, driven by strong digital advertising revenue.