Meta Platforms, Inc (NASDAQ:META) CEO Mark Zuckerberg shared goals under Year of Efficiency, proposing to make it a better technology company and improve its financial performance amid macro uncertainties.
Zuckerberg mentioned restructuring plans focused on flattening its organizational structure, dumping lower-priority projects, and reducing hiring rates.
Meta is preparing to reduce the size of its recruiting team further. The company expects to announce restructurings and layoffs in its tech groups in late April and business groups in late May.
Overall, Meta looks to downsize team strength by around 10,000 people and to close about 5,000 additional open roles.
By summer, Meta aims to complete its hybrid work year of learning analysis to refine its distributed work model further.
Meta proposes to ask managers to become individual contributors who report on almost every level. Meta does not wish managers to have more than ten direct reports.
The Mark Zuckerberg-led company emphasized how the last downsizing improved its efficiency and reduced costs by cutting out duplicative work and helping execute its highest priorities faster. It scaled back budgets, shrunk its real estate footprint, and downsized 13% of its workforce in the face of macro uncertainties.
Meta highlighted investing in building AI tools to help engineers write better code faster to automate workloads over time or identify obsolete processes.
Buck2, Meta’s new open-source build system that compiles builds around 50% faster so engineers can spend more time iterating and less time waiting.
Meta emphasized that employees find more opportunities to work with colleagues in person as it helps build relationships and get more done versus remote work.
AI is Meta’s single most significant investment at an unprecedented scale. Building the metaverse and shaping the next generation of computing platforms also remains central to defining the future of social connection.
Meta said it wishes to enable every person to feel as strongly connected as when physically with someone one loves, as it builds new ways via AI, metaverse, new media formats, encryption, and business tools.
Price Action: META shares traded higher by 6.11% at $191.92 on the last check Tuesday.