Meta Announces Final Round Of Layoffs; 5000 Likely To Be Affected Meta's decision to downsize follows a period of declining revenue growth, driven by inflation and a reduction in digital advertising due to the slowdown in e-commerce during the pandemic
By Teena Jose •
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Meta Platforms Inc, parent company of Facebook, has executed another round of layoffs, impacting various departmental functions. The layoffs were part of a continuing series of layoffs announced in March to eliminate 10,000 roles.
According to a Reuters report, among the top executives affected by layoffs are affected employees are Avinash Pant, the director of marketing for India, and Saket Jha Saurabh, the director and head of media partnerships.
An ex-employee in the creator marketing department of Instagram claimed on LinkedIn that 5,000 of her other colleagues have also been fired, reported India Today on Wednesday.
Dozens of employees working in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications took to LinkedIn to announce that they were laid off. The social media giant also cut employees from its units focused on privacy and integrity, according to the LinkedIn posts.
As per previous reports, earlier this year, Meta became the first major technology company to announce a second round of massive layoffs. The previous round saw over 11,000 employees being laid off, effectively bringing the company's headcount back to its mid-2021 levels.
Meta's decision to downsize follows a period of declining revenue growth, driven by inflation and a reduction in digital advertising due to the slowdown in e-commerce during the pandemic. The recent cuts have predominantly affected non-engineering roles, reaffirming the significance of engineering positions at Meta. The latest round of layoffs is expected to impact approximately 490 employees at Meta's international headquarters in Dublin, accounting for nearly 20% of its Irish workforce, the report noted.
Despite layoffs, Meta's shares closed slightly higher in a generally weaker market. The company's stock has more than doubled in value this year, making it one of the top performers in the S&P 500 index. The surge in value of Meta stocks has also re-introduced Zuckerberg back in the top-10 rankings of Bloomberg's Billionaire Index.
