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World News April 21, 2023

Meta lays off tech teams, battering employee morale

Meta Platforms Inc. has announced another round of job cuts, which will affect engineers and adjacent tech teams, as part of CEO Mark Zuckerberg’s efforts to streamline the business and make 2023 a “year of efficiency.” The layoffs come after Meta’s first round of cuts last year, which impacted 13% of its workforce. The restructuring includes shelving lower-priority projects and “flattening” layers of middle management. Meta’s shares have risen 80% this year, outperforming the tech-heavy Nasdaq Composite, and the company is expected to benefit from a modest pickup in the digital advertising market and regulatory pressure on rival TikTok.

Sources: CGTN

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