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Tech giant Meta is planning to move forward with layoffs affecting about 200 employees in the San Francisco Bay Area.
The company's layoffs will affect 124 employees from its facilities in Burlingame, California, along with 74 in Sunnyvale. Those cuts are expected to take effect in late May, with the Burlingame cuts slated for May 22 and the Sunnyvale layoffs a week later on May 29.
All positions involved will be eliminated permanently, according to Meta's regulatory filings with the state of California.
The job cuts are related to an announcement from last month that affected Meta's sales and recruiting teams, as well as its Reality Labs hardware division. Some of the workers affected by the cuts will be offered other jobs within the company.
META SLASHES ROUGHLY 700 JOBS; LAYOFFS HIT 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)
"Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals," a Meta spokesperson told Gxstocks. "Where possible, we are finding other opportunities for employees whose positions may be impacted."
The move comes as Meta, the parent company of Facebook and Instagram, announced 700 layoffs last month that affected the company's recruiting operations and sales teams.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 574.46 | -4.77 | -0.82% |
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Meta's moves to restructure its workforce comes as the company is investing heavily in artificial intelligence (AI) infrastructure and has incurred large costs in the process.
The company projected that it will spend up to $135 billion on capital expenditures, including those related to AI, this year. Meta CEO Mark Zuckerberg has also said the company will spend an estimated $600 billion building out its U.S. infrastructure by 2028.
META CUTS OVER 1,000 JOBS IN MAJOR METAVERSE RETREAT
Meta CEO Mark Zuckerberg has overseen aggressive investment 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 offset those costs and improve its efficiency through AI-driven tools.
Meta had nearly 79,000 employees at the start of the year.
