How Many Employees Does Meta have? Meta Year of Efficiency
by Ushapriyanga
Updated Mar 15, 2023
Meta wiki
Meta Platforms, Inc. is an American technology conglomerate based in Menlo Park, California. It owns several popular products and services, including Facebook, Instagram, and WhatsApp, among others. Meta is a highly valuable company and is considered one of the Big Five American technology companies. The company's primary source of revenue is advertising, accounting for almost all of its income in 2021. In late 2021, the company changed its name from Facebook, Inc. to Meta Platforms, Inc., to reflect its focus on creating a connected environment, referred to as the "metaverse," that links all of its products and services. Meta has also acquired several other companies, such as Oculus, Mapillary, and Kustomer.
How many employees does Meta have?
Meta, the parent company of Facebook and Instagram, is planning to lay off 10,000 employees and cancel about 5,000 open job positions as part of its "Year of Efficiency" initiative. This move follows the company's layoff of 11,000 employees last fall. The job cuts represent about 11.6% of Meta's full-time workforce, which was reported to be 86,482 at the end of 2022. The company also plans to implement a hiring freeze. The layoffs will be announced in two stages, with tech groups restructuring and layoffs announced in late April, and business groups following in late May. Meta anticipates restructuring costs of around $3 billion-$5 billion related to facility consolidation charges, severance, and other personnel costs. The company reported Q4 revenue of $32.17 billion, a decrease of 4% YoY, and a net income decrease of 55%, to $4.65 billion. Meta expects to reduce its full-year 2023 expenses to $86 billion-$92 billion, down from $89 billion-$95 billion previously.
Meta year of efficiency
In an update on Meta's "Year of Efficiency," CEO Mark Zuckerberg shared the company's goals of becoming a better technology company and improving financial performance to execute its long-term vision of building the future of human connection. The efficiency work will include restructuring plans focused on flattening the organization, canceling lower-priority projects, and reducing hiring rates. The company plans to reduce team size by around 10,000 people and close around 5,000 additional open roles. While acknowledging the difficulty of the upcoming changes and the uncertainty and stress it may create, Zuckerberg hopes to complete the org changes as soon as possible in the year. After restructuring, the company plans to lift hiring and transfer freezes in each group. The company also aims to have a steady stream of developer productivity enhancements and process improvements throughout the year. Overall, the job cuts are in service of building a leaner, more technical company and improving business performance to enable Meta's long-term vision of human connection.
How many employees at Meta?
Meta, the parent company of Facebook, plans to lay off 10,000 employees in its second round of significant job cuts in four months. The company had previously announced the elimination of approximately 11,000 jobs, or 13% of its workforce, in November 2022. Meta CEO Mark Zuckerberg stated that the restructuring and layoffs will occur over the next few months, with the expectation of reducing the company's team size by approximately 25%. Other Big Tech companies such as Amazon, Alphabet, and Microsoft have also announced major job cuts this year amid higher inflation and pandemic-induced demand fluctuations. Zuckerberg took responsibility for Meta's over-hiring earlier in the pandemic, which led to the need for cost-cutting measures. He acknowledged the past year as a "humbling wake-up call."
Meta total employees
In June 2022, Sheryl Sandberg, who had served as Meta's chief operating officer for 14 years, announced that she would step down from the role in the fall of the same year. Javier Olivan was appointed as her replacement, in what was described as a more traditional role.Meta's revenue declined by 1% year-on-year to $28.8 billion in July 2022, which many analysts attributed to the impact of Apple's app tracking transparency feature and competition from TikTok on the company's advertising business.On October 27, 2022, Meta's market value dropped to $268 billion, resulting in a loss of around $700 billion compared to the previous year, and its shares fell by 24%. This caused the company to lose its spot among the top 20 US companies by market cap, despite having reached the top 5 the previous year.
In November 2022, Meta announced the layoff of 11,000 employees or 13% of its workforce. Zuckerberg acknowledged that the decision to aggressively increase investments had been a mistake, as he had incorrectly predicted that the surge in e-commerce would continue beyond the COVID-19 pandemic. The Wall Street Journal characterized the layoffs as part of a general downturn in the tech industry, which had also affected companies such as Snap, Twitter, and Lyft. The Financial Times reported that further layoffs were likely to occur in March 2023
How many employees does Meta have-FAQs
Meta, the parent company of Facebook and Instagram, is planning to lay off 10,000 employees and cancel about 5,000 open job positions as part of its "Year of Efficiency" initiative.
Meta's "Year of Efficiency," CEO Mark Zuckerberg shared the company's goals of becoming a better technology company and improving financial performance to execute its long-term vision of building the future of human connection.
Meta, the parent company of Facebook, plans to lay off 10,000 employees in its second round of significant job cuts in four months.