Meta plans to lay off 10% of its workforce in May, according to report
NBC Bay Area • • business
Key Points:
- Meta plans to lay off approximately 10% of its workforce, equating to nearly 8,000 employees, in May, with additional layoffs expected later in the year, according to sources cited by Reuters.
- The layoffs coincide with Meta's shift in focus from virtual reality and the metaverse to artificial intelligence, following the metaverse's failure to meet expectations despite significant investment.
- Other major tech companies, including Snap, Salesforce, Oracle, and Block, have also announced workforce reductions, often attributing cuts to AI-driven efficiencies.
- Experts warn that AI-related job displacement in the tech sector is likely to continue, advising students and job seekers to gain AI skills and certifications to remain competitive in the evolving job market.
- Meta has declined to comment on the reported layoffs as of now.
