Meta, the parent company of popular social media platforms such as Facebook and Instagram, has been facing a tumultuous time recently. In a recent development, the company has announced its second round of layoffs, impacting hundreds of employees, as part of its major restructuring strategy. This decision has come in the face of increased regulatory scrutiny and declining public trust in the company’s practices. The move raises several questions about Meta’s future and the stability of its platforms, which have become integral parts of modern-day communication and social interaction. Here’s what you need to know about Meta’s second round of layoffs and its potential implications for the social media giant.
Meta has initiated a second wave of layoffs as the company cuts down its size in response to a challenging tech market.
The company has confirmed that it will immediately lay off 4,000 workers as part of the larger tranche of 10,000 job cuts that were previously announced in March.
It remains to be seen how many Irish employees will be affected by this round of layoffs, however, it is believed that affected employees may not find out for several weeks, possibly towards the end of May.
While only a small number of staff will be affected this month, the number of layoffs may increase significantly next month when Meta’s business groups are impacted.
Meta currently employs approximately 3,000 full-time Irish workers and twice that number of contractors.
CEO Mark Zuckerberg stated that restructuring layoffs may continue until the end of the year, with the aim of reducing the company’s team size by around 10,000 people and closing approximately 5,000 open roles that have not been filled.
Last year, Meta announced 350 Irish layoffs as part of its plan to let go of 11,000 staff globally. By the end of this round of cuts, approximately 21,000 employees will have left the company, which represents a quarter of the workforce.
Additionally, Indeed has announced that it will lay off 225 of its 1,400 Irish workers as part of a wider 2,200 job cull.
As Meta continues to navigate through troubled waters, it is unfortunate to see that a second round of layoffs is beginning. While this news is undoubtedly disheartening for those affected, it is crucial to remember that Meta remains steadfast in its commitment to advancing the field of virtual and augmented reality. Only time will tell what the future holds for the tech giant, but one thing is certain: Meta’s impact on the world of technology is far from over.
