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Meta has begun laying off employees across Instagram, WhatsApp, and Reality Labs, according to a report by The Verge. While the exact number of job cuts remains unspecified, Meta's spokesperson confirmed that these layoffs are part of a broader restructuring effort to align with the company's strategic objectives.
Meta Confirms Layoffs at Instagram, WhatsApp, and Reality Labs Amid Strategic Team Restructuring
The Verge reported on October 16 that Meta is terminating employees from various entities, including Instagram, WhatsApp, and Reality Labs, according to sources familiar with the situation.
In a statement to Reuters, a spokesperson for Meta reaffirmed the company's commitment to its long-term strategic objectives. They disclosed that a few of its teams were implementing modifications to ensure they adhered to these objectives and their location strategy.
"This includes moving some teams to different locations and moving some employees to different roles. In situations like these when a role is eliminated, we work hard to find other opportunities for impacted employees," the spokesperson said.
The Verge report did not specify the precise number of job cuts; however, they were noted as minor. Meta also refrained from providing commentary on the figures.
Meta Fires Employees for Misusing Meal Credits, As 2023 Marks Zuckerberg's ‘Year of Efficiency’
In a separate report, the Financial Times stated that Meta terminated an additional two dozen employees in Los Angeles for allegedly utilizing their daily $25 meal credits to purchase domestic items, such as wine glasses, laundry detergent, and acne pads.
The FT report stated that these terminations occurred last week and are distinct from the team restructurings.
Meta declined to respond to the Financial Times report.
Despite the challenges, Meta has shown resilience. Since November 2022, the company has strategically eliminated approximately 21,000 positions to reduce expenses. CEO Mark Zuckerberg has designated 2023 as the "Year of Efficiency."
Meta's financial success is evident in its shares, which have increased by over 60% this year, a testament to its strong performance.
Meta's most recent second-quarter results exceeded market expectations in terms of revenue and provided an optimistic sales forecast for the third quarter. This suggests that robust digital advertising spending on social media platforms can offset the cost of artificial intelligence investments.
