UBS financial advisor Ryan Lynch and Nancy Tengler, CEO and CIO of Laffer Tengler Investments, discuss Meta and Google’s decision and analyze the oil markets on Mornings with Maria.
tech giant meta San Francisco plans to move forward with layoffs of about 200 employees in the Bay Area.
The company’s layoffs will affect 124 employees at its site in Burlingame, California, as well as 74 employees in Sunnyvale. Those cuts are expected to take effect in late May, with the Burlingame cuts on May 22 and the Sunnyvale layoffs a week later on May 29.
According to Meta’s regulatory filing with the state of California, all positions involved will be permanently eliminated.
job cuts These are related to an announcement from last month that impacted Meta’s sales and recruiting teams and its Reality Labs hardware division. Some workers affected by the cuts will be offered other jobs within the company.
Metra cuts about 700 jobs; Many teams of the company were affected by the layoffs.
Metra’s latest layoffs will affect about 200 employees in the Bay Area. (David Paul Morris/Bloomberg via Getty Images)
“Teams at Meta regularly restructure or implement changes to ensure they are in the best position to achieve their goals,” a Meta spokesperson told Fox Business. “Where possible, we are exploring other opportunities for employees whose position may be affected.”
The move comes as parent company Meta Facebook and Instagramannounced 700 layoffs last month that affected the company’s recruiting operations and sales teams.
Meta eyes massive 20% workforce cut as AI infrastructure costs rise: Report
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| meta | Meta Platform Inc. | 574.46 | -4.77 |
-0.82% |
Meta has taken this step to restructure its workforce at a time when the company is investing heavily in Artificial Intelligence (AI) The infrastructure and process have incurred huge costs.
The company estimated it will spend up to $135 billion on capital expenditures this year, including AI-related capital expenditures. meta ceo Mark Zuckerberg has also said the company will spend an estimated $600 billion building out its US infrastructure by 2028.
Meta cuts more than 1,000 jobs in major metaverse retreat
Meta CEO Mark Zuckerberg has overseen aggressive investments in AI and related infrastructure at the tech giant. (Shawn Thew/EPA/Bloomberg via Getty Images)
Last month, Reuters reported that Meta was planning layoffs that could affect 20% or more of its workforce as it looks to recoup those costs and improve its efficiency through AI-powered tools.
Meta employed about 79,000 at the beginning of the year.
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