Meta Looks to Cut Costs by 10% or More Over Next Few Months
The Wall Street Journal (WSJ), citing people familiar with the company’s plans, claimed on Wednesday that Facebook owner Meta Platforms Inc (NASDAQ:FB) is aiming to reduce costs by at least 10% in the next months.
The reported amount is a significant increase from the earlier prediction of 2% to 4% cost reductions that Meta disclosed in July.
By rearranging departments and giving impacted employees a brief opportunity to apply for new posts within Meta, the Facebook parent company has reportedly already begun pushing out a significant number of people in order to fulfil its most recent objective, according to the report.
The purpose of the action is to implement staffing cutbacks while preventing the widespread distribution of pink slips, and the WSJ report stated that the staffing
“Our plan is to steadily reduce headcount growth over the next year. Many teams are going to shrink so we can shift energy to other areas inside the company,” Meta CEO Mark Zuckerberg said during the company’s quarterly earnings call in July, according to Proactive.