Meta is reportedly preparing for another round of layoffs – Metaverse Bitcoin News

Meta, the company that owns Whatsapp, Instagram and Facebook, is reportedly preparing to announce another round of layoffs in the coming days. According to reports, the company is delaying the finalization of the budget for each of the teams, causing operational delays and affecting the production of the company’s employees.

Meta to lay off more employees

Meta, the social media company, may be looking to trim more of its workforce in the near future. According to reports from the Financial Times, the company has not finalized the budgets for its internal teams, meaning some of them will be affected by another round of layoffs.

This situation has left managers of each division unable to plan ahead for the necessary activities, disrupted operational performance and even affected projects in critical areas such as metaverse and advertising, which now take longer to resolve.

The move, currently dubbed the “flattening” internally, also affects morale among employees, who criticized how the vision for the “year of efficiency,” a term used by Meta CEO Mark Zuckerberg to describe the company’s goals for 2023, is being carried out. One employee said:

Honestly, it’s still a mess. The Year of Efficiency kicks off with a bunch of people getting paid to do nothing.

One of the key employees of the company’s metaverse and virtual reality (VR) division, John Carmack, left Meta in December due to operational inefficiencies despite the company’s headcount. “I think our organization is operating at half the efficiency that would make me happy,” he said at the time.

Redundancies and restructuring

If made official, this new round of layoffs would be the second Meta announced in less than a year. The company has already carried out a trim that put 11,000 employees, representing 13% of Meta’s total workforce, out of the company. But Meta’s grip goes beyond that.

The company is now targeting middle management employees, who are being asked to step down to non-management roles, or leave the company, according to the same reports.

Despite all these cost-cutting measures, the company has declared that metaverse remains one of its main focuses in the long term and that it will continue to invest in this area. As part of the Q4 2022 earnings call, Meta CFO Susan Li explained that they still expect more losses in metaverse operations for 2023.

Other technology companies, such as Microsoft, have also announced layoffs as part of their restructuring processes, to adapt to the new market situation after the coronavirus pandemic.

What do you think of reports of another round of layoffs at Meta? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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