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Meta initiated its latest round of job cuts in March, and on Wednesday, it began laying off employees in technical positions. Those with expertise in user experience, software engineering, graphics programming, and other related roles took to LinkedIn to announce their dismissal from the company.
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According to LinkedIn posts, several gameplay programmers were among those who lost their jobs in the layoffs. Facebook's parent company, Meta, faced a decline in ad revenue and stock prices in 2022, leading to its first round of layoffs in November affecting 11,000 employees. In March, Meta's CEO Mark Zuckerberg declared 2023 as the "year of efficiency" and announced another 10,000 job cuts, which will result in restructuring costs of $3-5 billion.
Why it matters
The downsizing of Meta has been well-received by Wall Street, with the company's shares surging 81% this year after a significant loss in value last year. Meta has experienced a decline in revenue for three consecutive quarters, and analysts anticipate another drop in sales when the company releases its first-quarter earnings report next week. However, Meta could potentially break the streak of revenue drops if it achieves the upper end of its previous sales guidance of $26 billion to $28.5 billion.
