Meta has Announces Latest Round of Layoffs Targeting Business Groups

May 28, 2023 By MarketDepth

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Meta Formerly Facebook (META:NASD) has announced the new round of layoffs following the layoffs of technical staff in April. The company is continually trying to adapt to new market conditions and changing technical landscape. In these current rounds of layoffs the company will shed around 10,000 jobs to add from the 11,000 late last year.

Meta is up over 100% year-to-date after reporting strong revenue and cuts helping there bottom line. Stock closed at $262 a share up from $125 at the beginning of the year.

“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,” “I understand that this update may still feel surprising, so I’d like to lay out some broader context on our vision, our culture, and our operating philosophy.”

Mark Zuckerberg, CEO of META said in March in a post.