"Meta is laying off 8,000 employees, or around 10% of its global workforce, and closing around 6,000 open roles, as the company announced in an internal memo Thursday that is being widely reported."
"CEO Mark Zuckerberg had previously warned investors that the company's expenses would be rising this year, both based on the enormous compensation packages it offered to AI experts it recently hired, and based on other costs associated with the AI push."
"Wedbush analyst Dan Ives told investors Thursday that Meta's layoffs were welcome news for the company's financials, as it continues to automate tasks that once required large teams, allowing the company to streamline operations and reduce costs while maintaining productivity."
Meta has announced layoffs of 8,000 employees, representing approximately 10% of its global workforce, alongside the closure of 6,000 open roles. This move is part of a broader strategy to cut about 20% of its workforce in 2023 while investing in artificial intelligence. Further layoffs are anticipated in the second half of the year, contingent on the efficiency of AI systems. CEO Mark Zuckerberg indicated rising expenses due to compensation for AI experts and other costs related to the AI initiative.
Read at sfist.com
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