Meta, formerly known as Facebook, is expected to announce another round of layoffs this week, which could be as many as 4,000 jobs, according to sources cited by Vox.
This is part of the restructuring that CEO Mark Zuckerberg referred to as the “year of efficiency,” which aims to cut 10,000 jobs related to “low-priority projects.” The latest job cuts come on top of the 11,000 jobs that were cut in November 2022.
There is speculation that many projects and teams in the Facebook app and Reality Labs, which is dedicated to augmented and virtual reality experiences, could be on the chopping block, while game development teams might be spared for now.
Meta is positioning itself to market its metaverse proposition to traditional gamers, which could be a strategic pivot for the company, and has already invested billions of dollars into its social VR platform, Horizon Worlds, which has only seen 200,000 monthly active users.
The latest round of layoffs marks the latest move in Meta's efforts to streamline operations and focus on more profitable areas, as it seeks to transform into a Metaverse company.