• Meta Platforms, Inc. (NASDAQ: META) initiated job cuts as planned, starting with 1,500 recruiting and human resources employees.

  • During an internal meeting with employees, CEO Mark Zuckerberg informed employees that the economic climate of layoffs and restructuring could last “many years,” Bloomberg reports citing familiar sources.

  • Meta explained the first wave of cuts to executives Thursday morning.

  • Also Read: Apple Joins Cost Cut Bandwagon, Eases On Bonus, Hiring, Triggers Employee Fears Of Layoffs

  • However, Meta has yet to inform all of the people who are affected. For instance, layoffs in engineering are likely in April.

  • On March 14, Zuckerberg shared plans to lay off about 10,000 employees and eliminate 5,000 open roles under its second downsizing round, Meta fired 11,000 people in November or 13% of its staff.

  • Zuckerberg told employees on Thursday that those cuts were more tied to performance, but the more recent cuts were reportedly due to financial need and product priorities.

  • Price Action: META shares traded lower by 1.55% at $201.75 premarket at the last check Friday.

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