Meta Planning 10% Reduction In Force

After rapid growth throughout the height of the covid era, Meta Platforms is moving forward with significant cost cuts that are likely to result in thousands of layoffs.

Meta has yet to release an official statement regarding what areas will see a reduction in spending, but the company did state that they are looking to reduce overall spending by 10% and much of this will be achieved through labor reduction. Considering that Meta currently employs roughly 87,000 people and a 10% reduction would result in 8,700 lost jobs. While this is a high estimate, even with a 6%, 7%, or 8%, cost cut would result in one of the largest tech layoffs in recent history.

On the other hand, this has been a rough year for tech and a spokesman for Meta stated that despite cutting costs “some teams will grow meaningfully” and “we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”

It is currently unclear what exactly Meta plans on doing, however, Meta will release an official statement between Wednesday and Monday.

Source: Wall Street Journal