Meta is cutting roughly 700 jobs on Wednesday, a source familiar with the matter confirmed to FOX Business.
The layoffs are expected to affect several key areas, including Reality Labs, Facebook, recruiting operations and sales, the source said.
A spokesperson for the company said the layoffs are part of ongoing restructuring efforts, noting that the tech giant regularly adjusts its workforce to better align with its goals.
META EYES MASSIVE 20% WORKFORCE CUT AS AI INFRASTRUCTURE COSTS CONTINUE TO SOAR ACROSS OPERATIONS: REPORT
The company is also working to place some affected employees into other roles where possible.
“Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” the spokesperson said. “Where possible, we are finding other opportunities for employees whose positions may be impacted.”
The move comes as Meta faces financial pressure tied to its aggressive investment in artificial intelligence infrastructure, Reuters reported.
META CUTS OVER 1,000 JOBS IN MAJOR METAVERSE RETREAT
Earlier this month, Reuters reported that the tech giant was planning layoffs that could affect 20% or more of its workforce as it looks to offset those costs and improve efficiency through AI-driven tools.
Meta had nearly 79,000 employees as of Dec. 31, according to Reuters.
META CUTS 600 JOBS AMID AI EXPANSION PUSH — AS AUTOMATION REPLACES HUMAN STAFF
The job cuts also come amid legal challenges for the company.
A Los Angeles jury on Wednesday found Meta and Google liable in a closely watched case alleging their platforms were designed to addict young users, awarding $3 million in damages.
FOX Business’ Michael Sinkewicz contributed to this report.
Read the full article here
