In response to stalling growth and intense competition, Meta Platforms Inc.
META,
executives have spoken of cost cuts, hiring freezes and “ruthless prioritization.” One word the company hasn’t used: layoffs.
But Meta has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the company, according to current and former managers familiar with the matter, in a move that achieves staffing cuts while forestalling the mass issuance of pink slips.
The reductions are expected to be a prelude to deeper cuts, with Meta looking to trim its costs by at least 10% within the next few months, according to people informed of the company’s plans. While some savings will come from cuts to overhead and consulting budgets, the people said, much of it is expected to come from reduced employment.
In response to questions, Meta spokesman Tracy Clayton referred to Chief Executive Mark Zuckerberg’s July statement that the company would need to reallocate resources toward corporate priorities as pressures mount on the business.
An expanded version of this story appears on WSJ.com.
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