Meta Platforms Inc (META.O) carried out job cuts on Wednesday targeting engineers and related tech teams, as CEO Mark Zuckerberg continued to streamline the business for increased efficiency in 2023.
This marks the second round of mass layoffs for the company, with the first occurring in the fall and impacting 13% of the workforce.
The cuts were expected but have elicited frustration from employees, with some questioning the leadership and morale at Meta.
The company declined to comment on the situation. Along with job cuts, Meta is also reducing layers of middle management and deprioritizing certain projects.
Investors have responded positively to the downsizing, with Meta’s shares rising 80% this year. The company is expected to benefit from a rebound in digital advertising and regulatory pressure on TikTok, with first-quarter results set to be announced on April 26.
