Mumbai, May 24: Mark Zuckerberg-owned Meta has commenced its third phase of layoffs as part of a large-scale cost-saving plan. The recent round of job cuts focuses on employees within Meta's business groups, following a prior round in April that primarily impacted those in technical roles. Between the April and May layoffs, approximately 10,000 employees will be affected, adding to the 11,000 employees impacted in the initial round of Meta Layoffs conducted in November. SoundCloud Layoffs: Audio Streaming Platform Announces Job Cuts, To Fire 8% of Its Workforce To Become Profitable.

These measures are part of Meta's multibillion-dollar plan to optimise costs and enhance efficiency within the company. A report by CNBC said Meta Layoffs are in line with the "year of efficiency," a strategic move put forward by Zuckerberg to streamline the company and increase its agility. These measures are deemed necessary to navigate a challenging economic climate and a digital advertising market that has experienced a decline in strength. Amazon Layoffs Leave Employees Frustrated; 1,000 Workers in Seattle Plan to Walk Off Job Over Sackings and 'Work From Office' Rule: Report. 

The report added that despite implementing cost-cutting measures, Meta continues to make significant investments in the metaverse, and its Reality Labs unit, responsible for the development of virtual reality and augmented reality technologies, reported a substantial operating loss of $3.99 billion in the first quarter while it generated $339 million in sales during the same period.

On Wednesday, Meta employees who held positions in user experience, marketing, recruiting, and engineering took to LinkedIn to confirm that they had been laid off. This aligns with an earlier report by Reuters, further validating the news of the Meta Layoffs.

(The above story first appeared on LatestLY on May 24, 2023 07:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).