In a move to streamline its operations and adapt to changing market conditions, Meta Platforms Inc, the parent company of Facebook, has implemented a round of layoffs that includes two top executives in its key market of India. The director of marketing, Avinash Pant, and Saket Jha Saurabh, the director and head of media partnerships, were among those let go as part of Meta’s broader plan to eliminate 10,000 roles.
The layoffs, which occurred across various business and operational units, have affected teams such as marketing, site security, enterprise engineering, program management, content strategy, and corporate communications. Employees who were laid off took to LinkedIn to announce their departures, shedding light on the extent of the job cuts.
Notably, Meta also reduced its workforce in units focused on privacy and integrity, as stated in the LinkedIn posts. This round of layoffs follows a previous one earlier this year, making Meta the first Big Tech company to announce a second round of mass layoffs. The company had previously let go of over 11,000 employees in the fall, bringing its headcount down to mid-2021 levels after a significant hiring spree that had doubled its workforce since 2020.
Despite these cost-cutting measures, Meta’s shares closed marginally up in a weaker market. The company has experienced significant stock value growth this year, more than doubling in value, primarily driven by its focus on artificial intelligence and the ongoing restructuring efforts. In March, Meta CEO Mark Zuckerberg had announced that the bulk of the layoffs would occur in three stages over several months, with the majority expected to be completed by May.
It is worth noting that the job cuts have primarily affected non-engineering roles, underscoring the company’s focus on its engineering workforce. Zuckerberg has emphasized plans to restructure business teams substantially and restore a more optimal ratio of engineers to other roles within the company. This trend was evident in the previous round of layoffs in April when non-engineering positions like content design and user experience research were significantly affected.
During a company town hall in April, Zuckerberg disclosed that around 4,000 employees had lost their jobs. In March, the recruiting teams had also faced a smaller reduction. As part of the latest layoffs, Meta anticipates approximately 490 employees at its international headquarters in Dublin, accounting for nearly 20% of its Irish workforce, to be impacted.
The decision to implement these layoffs comes after Meta experienced a decline in revenue growth due to high inflation and a digital advertising pullback resulting from the pandemic’s e-commerce boom. Additionally, the company has been investing billions of dollars in its Reality Labs unit, focused on the development of the metaverse, and enhancing its infrastructure to support artificial intelligence initiatives.
Both Avinash Pant and Saket Jha Saurabh, the top executives in India who were laid off, have yet to comment on the matter. Meta Platforms Inc continues to navigate changes in the industry landscape while striving to adapt and remain at the forefront of technological advancements.
