The Latest Round Of Layoffs At Meta Involves Cutting Technical Jobs

In a round of layoffs that will affect several positions within Meta Platforms Inc., the company began laying off more technical employees on Wednesday.

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A week before it announces its results for its fiscal first quarter on April 26th, Facebook's parent company, META, -0.67%, is amidst a move to cut 21,000 jobs from its organization as part of its ongoing cost-cutting program. As the social-networking company has navigated a downturn in digital advertising, which is its lifeblood, its chief executive, Mark Zuckerberg, has repeatedly described 2023 as a "year of efficiency" for Meta.

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According to Vox, it was revealed Tuesday that 4,000 people would be laid off as part of the recent round of layoffs, although it is not clear how many jobs will be eliminated in this round. In May, those familiar with Meta's strategy have informed me that there will be another round involving employees in the company's business units.

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A number of tech companies have made job cuts in the past few months, including Meta, which has been one of the hardest hit. As of this writing, Netflix, Inc. (NOVEMBER, -3.96%), Salesforce, Inc. ( Salesforce, 0.05%), and Amazon.com Inc. (NASDAQ:AMZN) all announced layoffs within the past few months, and Alphabet Inc.'s GOOGL, 0.02% GOOG, 0.16% Google is expected to announce another round of layoffs shortly.

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There was no change in the price of Meta shares in early afternoon trading on Wednesday even though the shares have gained 80% this year.