Meta has conducted another round of employee layoffs across various segments, including Instagram, Threads, WhatsApp, and Reality Labs (its division focused on virtual and augmented reality), according to *The Verge*. Unlike the massive cuts of previous years, where Meta laid off 10,000 employees in 2023 and 11,000 in 2022, the number of staff affected this time is reportedly more minor.
A Meta spokesperson, Dave Arnold, explained that the layoffs are part of an effort to realign teams with the company’s long-term strategic goals and location strategies. Arnold stated, “Today, some Meta teams are making changes to ensure resources are aligned with their long-term strategic goals and location strategies.
This includes moving some teams to different locations and moving some employees into different roles.” He also emphasized that Meta is trying to find alternative opportunities for employees whose roles have been eliminated.
These layoffs reflect ongoing shifts in the company as it navigates its priorities across platforms like social media, messaging apps, and emerging tech like virtual reality.
Target continues to rise in the financial market.
Despite recent layoffs, Meta is experiencing a highly successful 2024 in the financial market. After posting a profit of $14 billion by the end of 2023, the company has continued to see its market shares climb, primarily driven by advancements and results in artificial intelligence (AI).
This surge in stock value has even propelled CEO Mark Zuckerberg’s fortune to an estimated US$200 billion, placing him in an elite group of billionaires that includes Jeff Bezos and Elon Musk. Meta’s solid financial performance indicates its strategic focus on AI and other emerging technologies, key drivers of its growth and market success.
