Meta intends \u200bto conduct a first wave of sweeping layoffs planned for this year on May 20, with more \u200ccoming later, three sources familiar with the plans told Reuters. The Facebook and Instagram owner will lay off about 10% of its global workforce, or close to 8,000 employees, in that initial round, one of the sources said. The company is planning further layoffs in the second half of the \u200byear, the three sources said, although details of those cuts, including date and size, were not yet settled. \u200b Executives may adjust their plans as they observe developments in artificial intelligence capabilities, the sources added. Reuters \u2060reported last month that the company was planning to lay off 20% or more of its global workforce. Meta declined to comment \u200bon the timing or scope of planned cuts. CEO Mark Zuckerberg is pumping hundreds of billions of dollars into AI as he seeks \u200bto dramatically reshape his company\u2019s inner workings around the technology, reflecting a broader pattern among major US companies this year, particularly in the tech sector. Amazon.com similarly has trimmed 30,000 corporate employees in recent months, representing nearly 10% of its white-collar workers, while in February the fintech company Block chopped nearly half of its staff. In \u200bboth of those cases, executives tied the cuts to efficiency gains from artificial intelligence. Layoffs.fyi, a website tracking tech job cuts \u200baround the world, reported that 73,212 employees have lost their jobs so far this year. For all of 2024, the figure was 153,000. Meta\u2019s \u200clayoffs this \u2060year will be the social media giant\u2019s most significant since a restructuring in late 2022 and early 2023 that it dubbed the \u201cyear of efficiency,\u201d when it eliminated about 21,000 jobs. At that time, Meta\u2019s stock was in freefall, and the company was struggling to correct for Covid-era growth assumptions that ultimately proved unsustainable. The company is in a more comfortable financial position this time, but executives \u200benvision a future of fewer \u200bmanagement layers and greater efficiency \u2060brought about by AI-assisted workers. Meta\u2019s shares are up 3.68% since the start of the year, although they are down from a record high achieved last summer. Last year, it generated more \u200bthan $200 billion of revenue and achieved a $60 billion profit despite outsized spending on artificial intelligence. Menlo \u200bPark, California-based Meta \u2060employed nearly 79,000 people as of December 31, according to its latest filing. In recent weeks, Meta has reorganised teams in its Reality Labs division and transferred engineers from throughout the company into a new \u201cApplied AI\u201d organisation tasked with accelerating the development of AI agents \u2060that can \u200bwrite code and carry out complex tasks autonomously. One of the sources said \u200bsome staffers also would be transferred into Meta Small Business, a unit set up last month, as part of the restructuring.<\/p>\n","protected":false},"excerpt":{"rendered":"
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