Facebook Inc. is planning to lay off about 11000 employees as it tries to streamline its operations and focus on core products like photo-sharing, video chat and advertising.
The Menlo Park, California-based company announced the plan Thursday in a regulatory filing that did not specify which countries or regions would be affected by the cuts. The job cuts are expected to take place over several months.
The company said it expects to incur restructuring and severance costs of about $50 million through 2020, including about $2 million in stock-based compensation costs related to the job cuts.
Facebook parent company Facebook Inc. is planning to lay off about 11000 employees from its headquarters in Menlo Park, California, the company said Friday.
The cuts will be made in Menlo Park and elsewhere in California, but the majority of them will come from Facebook's operations outside of the state, according to a person familiar with the matter who was not authorised to speak publicly and spoke on condition of anonymity.
The company has not yet determined where it will relocate those affected by the layoffs, though it is exploring possibilities including Ireland and Australia. It offered no details on how many people would be affected by the move or where they would be sent.
The company said it will give a WARN notice to all employees affected by the layoffs on Dec.
22. The layoffs will start in January and last for about three months, according to a spokesperson for Facebook. Facebook also said that it plans to bring in new talent from around the world to replace those who are leaving the company. In an email sent out Tuesday morning, Facebook VP of People Operations Nathaniel Gleicher wrote that “some of our product teams are growing quickly and we need more engineers to help them scale [their] work.”
The move is part of an effort by CEO Mark Zuckerberg to streamline the company's operations and focus on being a technology platform for businesses, not just an online social network. The cuts are expected to be completed by early next year. Facebook meta is one of the most popular companies but now they are laying off their workers!
The company Facebook is planning to lay off thousands of employees. The company plans to reduce its workforce by up to 11,000 employees. This will affect any employee that is a part of this plan.
Facebook has been growing very fast in recent years, but now it has reached its limit and needs to restructure itself. It seems like the worst thing that can happen to anyone at this time is losing their job. This could be a great opportunity for many people who are looking for new jobs and careers.
Facebook is a social media giant with over 1.3 billion users and almost 2 million daily active users. In the past few months, Facebook has been hiring people in order to cover up its data breach scandal. Facebook hired approximately 4,000 people in order to handle the crisis, but now it seems that they are laying off some of those employees. According to BuzzFeed News, Facebook has laid off approximately 11000 employees including engineers and software developers as well as other support staff such as sales representatives and human resources executives. The reason for this layoff is that Facebook needs to save money so that it can continue developing new products and services for their users. This does not come as a surprise because Facebook has been spending more money than they make over the past few years because of their acquisition spree which includes Instagram (Instagram was bought by Facebook for $1 billion in 2012), WhatsApp ($22 billion) and Oculus Rift ($4 billion).
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