- Mark Zuckerberg told investors Wednesday that 2023 will be the “year of efficiency.”
- Meta laid off more than 11,000 employees last year, and there are signs of more layoffs to come.
- Meta’s latest earnings report beat expectations, with the stock up more than 18% in long-term trading.
Mark Zuckerberg delivered a slightly ominous message to employees in Meta’s latest earnings call on Wednesday.
“Our management theme for 2023 is The Year of Efficiency, with a focus on becoming a stronger, more agile organization. Earnings announcement for the fourth quarter.
Big tech companies in November laid off over 11,000 employees — The biggest shakeout in the company’s history. Zuckerberg said in an internal memo at the time that layoffs were a “last resort.”
However, Meta’s recent earnings announcement indicates that more layoffs are likely in the future.
The company said it spent more than $3.7 billion on restructuring efforts in 2022, including paying employees severance payments and ending some office leases early. Next year, Meta said, “We may incur additional restructuring costs as our efficiency efforts progress further.”
Insider Kari Hayes reported Earlier this week, Meta employees geared up for another round of layoffs in recent weeks amid signs of further cost-cutting measures at the company. last week, The Verge reported In a recent Q&A with employees, Zuckerberg said he doesn’t want “a management structure where managers just manage managers, manage managers, manage managers, and manage people doing their jobs.” He said. meta manager.
A Meta spokesperson did not respond to an Insider request for comment before the publication.
whole, Meta’s Report Exceeds Wall Street Expectations, sent the stock up more than 18% in long-term trading. As investors began to question Zuckerberg’s vision for the Metaverse, Meta had a bad year in 2022, losing more than half of its value.
meta is One of many technology companies Launches a series of layoffs and cost-cutting moves amid recession fears.