In the final phase of its three-part redundancy plan announced in March, Meta, the parent company of Facebook, Instagram and WhatsApp, laid off two senior executives in India as part of its goal to cut 10,000 positions globally.
What Happened? According to a Reuters report, those let go included Avinash Pant, the Director of Marketing, and Saket Jha Saurabh, the Director and Head of Media Partnerships.
This follows the exit of Manish Chopra, Meta India's Director and Head of Partnerships last week in what was the fourth significant exit from Meta India in the past year.
Furthermore, the recent cuts are likely to affect about 490 employees at Meta’s international headquarters in Dublin, nearly 20% of its Irish workforce.
Several employees across departments including marketing, site security, enterprise engineering, program management, content strategy, and corporate communications announced their job loss on LinkedIn. Meta also slashed roles within its units focusing on privacy and integrity, according to these posts.
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Despite the layoffs, Meta’s shares have performed well this year, more than doubling in value and ranking among the top performers in the S&P 500 index, owing to cost-cutting efforts and a focus on artificial intelligence.
These layoffs come amidst slowing revenue growth, rising inflation, and a pullback in digital advertising after the e-commerce boom during the pandemic.
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