Meta Platforms eliminated several hundred positions on Wednesday across various departments including its virtual reality division and social media teams. The job cuts come as the company faces mounting expenses from artificial intelligence investments and efforts to hire top tech talent.
Facebook’s parent company Meta Platforms eliminated several hundred positions on Wednesday across various departments, according to a source with knowledge of the situation.
Earlier this month, reports indicated Meta was considering much larger workforce reductions that could impact one-fifth or more of its staff, with senior executives reportedly briefing leadership on potential cutback strategies.
However, Wednesday’s job eliminations were more limited in scope. Previous reporting from The Information indicated the reductions would target Meta’s Reality Labs virtual reality unit, social media departments, and hiring teams.
“Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals. Where possible, we are finding other opportunities for employees whose positions may be impacted,” a company spokesperson stated.
The social media giant is working to manage escalating expenses related to substantial artificial intelligence investments, with projected total costs ranging from $162 billion to $169 billion by 2026, plus increased employee compensation as the company invests heavily to recruit leading AI specialists.
According to its most recent annual report, Meta employed approximately 79,000 people as of December 31.
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