Meta CEO Zuckerberg: will lay off some middle managers

CTOnews.com, February 2 (Xinhua)-- Meta CEO Mark Zuckerberg (Mark Zuckerberg) said in an earnings call on Wednesday that he would lay off some middle managers in a company-wide effort to reduce costs and improve "efficiency."

Meta will also seek to cut projects that are underperforming or unimportant and improve the implementation of priorities, Zuckerberg said.

CTOnews.com learned that it laid off 13 per cent of its employees in its first major layoffs last year, consolidated offices and streamlined its data center.

Susan Li, chief financial officer of Meta, said it was "just the beginning" and that the company was still "taking a comprehensive look at hiring needs".

Meta today released results for the fourth quarter and full year of fiscal 2022 ended December 31. Meta reported fourth-quarter revenue of $32.165 billion, down 4 per cent from $33.671 billion a year earlier, while net profit was $4.652 billion, down 55 per cent from $10.285 billion a year earlier.