Meta has initiated a fresh round of layoffs, this time eliminating workers engaged in technical roles.
While the company has not disclosed the exact number of impacted employees, the cuts are expected to affect some 4,000 jobs.
The latest round of layoffs, which are part of the 11,000 jobs CEO Mark Zuckerberg announced in a post on March 14, 2023, are impacting roles such as content designers, data scientists, gameplay programmers, senior engineering managers, user experience researchers, and technical program managers.
Meta plans to lay off even more employees in May, primarily from the company’s business groups.
The job cuts are part of Zuckerberg’s effort to recoup the billions of dollars the company has lost in the metaverse and offset the loss in advertising revenue.
While the company is continuing to invest in the metaverse, spending nearly $1 billion per month on developing Zuckerberg’s vision, recent efforts that have focused on cutting jobs and flattening the organizational structure have been applauded by Wall Street.
Meta’s stock has so far soared by 81% in 2023 after losing two-thirds of its value last year.
The increase in stock value has come despite three consecutive quarters of revenue losses. According to NBC, analysts expect the company to report another quarterly sales drop in its Q1 earnings report next week.
In February, Zuckerberg said 2023 would be a “year of efficiency.”