This week, employees working in marketing, administration, human resources, and other verticals for Facebook's parent company Meta were affected by the most recent wave of layoffs, Business Today has heard via sources.
The announcement made earlier is the only one that includes the current layoffs. This time, administrative, human resources, marketing, etc. layoffs occurred. People at all levels of the hierarchy were affected by this round of cutbacks, according to a source.
The insider added that less than 100 employees across Meta's operations in India were likely affected by the most recent wave of layoffs.
According to a worker fired from Meta's India operations on Thursday, the company will also offer additional financial assistance based on length of employment and three months' pay as severance.
“Severance is similar to what laid off employees received in previous rounds, roughly 3 months base pay. Apart from that there is pay depending on duration of employment. There is also the option of health insurance extension,” the former employee noted.
In November of last year, Meta's CEO Mark Zuckerberg revealed that 13% of the company's employees will be let go. This was the first wave of layoffs that Meta has ever made public. Then, in March, Zuckerberg issued a comparable announcement, stating that the upcoming round of layoffs will affect 10,000 employees internationally.
Zuckerberg wrote in a note to his employees in March, “Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired.”
According to SEC filings, the company's Q1 FY 2023 revenue totaled $28.65 billion, up 3% from the same period last year and 6% when measured in constant currency.
Expenses for the corporation totaled $21.42 billion, up 10% from the previous year. The restructuring expenditures, which included severance pay and other benefits paid to separated employees, were the main cause of the increased expenses.
After announcing its quarterly financial results, the company said in a statement, “In 2022, we initiated several measures to pursue greater efficiency and to realign our business and strategic priorities. As of March 31, 2023, we have substantially completed the 2022 employee layoffs while continuing to assess facilities consolidation and data center restructuring initiatives. We incurred additional pre-tax restructuring charges of $621 million in the first quarter of 2023.”