UBS Financial Advisor Ryan Lynch and CEO and CIO of Laffer Tengler Investments Nancy Tengler discuss Meta and Google’s assessment and analyze the oil markets on Mornings with Maria.
Tech giant Meta plans to move forward with laying off approximately 200 employees in the San Francisco Bay Area.
The company’s layoffs will affect 124 employees at its Burlingame, California facility, along with 74 in Sunnyvale. These cuts are expected to take effect in late May, with the Burlingame cuts scheduled for May 22 and the Sunnyvale layoffs a week later on May 29.
All affected positions will be permanently eliminated, according to Meta’s filing with the State of California.
The job losses are related to an announcement last month that impacted Meta’s sales and recruiting teams and its Reality Labs hardware division. Some of the employees affected by the cuts will be offered another job within the company.
META REDUCES APPROXIMATELY 700 JOBS; Layoffs affected multiple teams across the company
Meta’s latest layoffs will affect about 200 employees in the Bay Area. (David Paul Morris/Bloomberg via Getty Images)
The move comes as Meta, the parent company of Facebook and Instagramannounced 700 layoffs last month, impacting the company’s recruiting efforts and sales teams.
META ENVISAGES A HUGE 20% EMPLOYEE INPUT AS THE COST OF AI INFRASTRUCTURE CONTINUES TO RISE FOR BUSINESS OPERATIONS: REPORT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 574.46 | -4.77 |
-0.82% |
Meta’s moves to restructure its workforce come at a time when the company is investing heavily in it artificial intelligence (AI) infrastructure and has incurred heavy costs.
The company expects to spend up to $135 billion on capital expenditures this year, including those related to AI. Meta CEO Mark Zuckerberg has also said the company will spend an estimated $600 billion by 2028 on building out its U.S. infrastructure.
META REDUCES OVER 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 is planning layoffs that could affect 20% or more of its workforce as it looks to offset these costs and improve efficiency through AI-driven tools.
At the beginning of this year, Meta employed almost 79,000 employees.
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