Meta To Cut 5% Of Workforce: Reports

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(RTTNews) - Meta Platforms (META) is reportedly planning to reduce its workforce by approximately 5%.

According to CNBC, the company is targeting its "lowest performers," as part of an ongoing effort to enhance overall performance standards.

CEO Mark Zuckerberg has cautioned employees that further job cuts may occur throughout the year to continue raising the bar on performance management. As of September 30, Meta employed more than 72,000 individuals. While these layoffs are imminent, the company intends to backfill the impacted roles later in the year, signaling an ongoing commitment to strategic talent management. In line with broader industry trends, Meta, alongside other tech giants like Cisco and IBM, has been recalibrating its investment strategy, with a pronounced focus on artificial intelligence (AI). The company has already committed billions to building out its AI infrastructure, and expenditures in this area are expected to rise further as Meta deepens its commitment to the rapidly evolving technology. This move follows a series of organizational shifts at Meta, including the reduction of approximately 11,000 jobs in 2022. In 2023, Zuckerberg characterized the year as the "Year of Efficiency," a theme that was underscored by the company's decision to eliminate an additional 10,000 roles. META is currently trading down 1.95 percent or $11.86 at $596.47 on the Nasdaq.