Meta’s latest layoffs hit WhatsApp, Instagram, and its VR division
It seems more targeted to specific teams than broad, companywide reductions.
The tech layoff wave that shook the industry in 2022 and 2023 shows no signs of slowing down in 2024. Despite early hopes that these cuts might ease, tech giants and startups alike continue to downsize.
Most recently, Meta has made headlines once again with reports of layoffs across key departments, including WhatsApp, Instagram, and its VR division, Reality Labs, according to insider reports.
This latest round of job cuts follows a smaller reduction in Meta's Reality Labs earlier this year. The unit, which is responsible for Meta’s virtual reality and augmented reality ventures, has been a particular focus, with reports of cash haemorrhaging despite Zuckerberg’s bold vision for the metaverse. This has prompted these repeated workforce reductions.
Since November 2022, the tech giant has laid off more than 20,000 employees. In 2022, 11,000 people lost their jobs following overly optimistic growth projections post-COVID. Another 10,000 cuts came in 2023, part of CEO Mark Zuckerberg’s declared “year of efficiency.”
Emmanuel Oyedeji
The latest round of layoffs, however, seems to be more targeted, tied to the reorganization of specific teams rather than broad, companywide reductions.
These layoffs come at a crucial time for Meta, as the company prepares to release its third-quarter financial results on October 30, 2024. The timing is notable, as major tech companies often make workforce adjustments ahead of earnings reports, perhaps bracing for a challenging market reaction.
Meta is not alone in this trend. Earlier this month, TikTok also laid off hundreds of employees, particularly in Malaysia, where the company is shifting toward AI-driven content moderation.
The company stated that fewer than 500 people were affected, but the move highlights a broader industry shift towards automation, leaving many employees on shaky ground.
Since the beginning of the year, a slew of tech giants— Apple, Amazon, Google, Snap, Microsoft and Tesla to name a few—have conducted sizable layoffs. Even smaller startups have not been spared, with some shutting down operations altogether.
So far this year, more than 140,000 tech jobs have been cut across 470 companies, according to the independent tracker Layoffs.fyi.
As tech firms continue to adjust their workforces, the question remains: will these cuts pave the way for a more efficient and sustainable industry, or are they a sign of deeper, more structural challenges
