The layoffs affect 10% of Meta’s workforce as the company seeks cost efficiency despite strong quarterly earnings.
Meta plans to eliminate 8,000 positions, or roughly 10% of its global workforce, as part of a broader push to reduce costs. The move follows a blockbuster first quarter, with revenue hitting $56.31 billion and net income at $26.8 billion, per the company’s earnings filing.
The layoffs come after Meta’s workforce nearly doubled since 2020, reaching over 86,000 employees. Executives have cited a need to streamline operations amid rising capital expenditures, including investments in AI and the metaverse.
Employee morale has plummeted, with reports indicating widespread dissatisfaction despite the company’s financial success. Severance packages include 16 weeks of pay and 18 months of healthcare coverage.