Meta plans a new round of layoffs

Information leaked to the Financial Times points to further staff cuts in March by Meta

Meta would be preparing a new round of job cuts, according to Financial Times, which points out the delay of the multinational in the preparation of budgets for various teams in this context.

According to two Meta employees familiar with the situation, a lack of clarity about future budgets or headcount would have prevented planning for upcoming workloads, adding that projects and decisions that normally take days to approve now take around a month in some cases, including in priority areas, such as the metaverse and advertising.

In this way, according to three employees consulted by the British newspaper, despite the workforce adjustment last November, more cuts are expected around March, since the company is currently undergoing staff performance reviews.

Marck Zuckerberg, CEO of the company, defined the multinational’s efforts to control its costs during the current year as “the year of efficiency”, after the slowdown in the economy weighed down Meta’s results in 2022.

At the beginning of February, Meta reported that it obtained a net profit of 23,200 million dollars (21,725 ​​million euros) in 2022, which represented a drop of 41 % compared to the result recorded a year earlier, while its annual income added a total of 116,609 million dollars (109,197 million euros), 1.1 percent less than in 2021, which represents the first annual drop in the company’s turnover.

Meta’s chief financial officer, Susan Li, expressed confidence that total revenue for the first quarter of 2023 will be in the range of $26-28.5 billion, while she estimates that total expenses for the full year will be in the range of $89-28.5 billion. 95,000 million dollars (81,609 and 87,110 million euros), compared to the previous perspective of between 94,000 and 100,000 million dollars (86,194 and 91,695 million euros).

Source: dpa

(Reference image source: Dima Solomin, Unsplash)

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