Meta Platforms, the company behind Facebook, WhatsApp, and Instagram, announced a year-end round of significant job cuts in 2022, namely 11,000 layoffs. The move touched thousands of workers and signaled a broader plan for changes that could unfold again this week, according to industry reporting. The announcement underscored how the platform’s ad revenue slowdown was weighing on its ability to maintain staffing levels across its sprawling operations in North America and beyond.
Reports from unnamed sources indicated that this anticipated round of reductions was on track to begin soon. Executives and vice presidents were said to have been asked to supply lists of employees considered for potential dismissal, a sign that leadership was preparing for a targeted downsizing phase as market conditions cooled and advertising demand softened further.
One insider suggested that the leadership team hoped to finalize the plan promptly, a move that could align with Mark Zuckerberg’s personal plans, including paternity leave for the birth of his third child. The timing hinted at a moment when leadership might want to push forward with structural changes while managing public and investor expectations as familial commitments intersect with corporate strategy.
By mid-February, financial press, including the Financial Times, projected that Meta would implement additional layoffs in March. The chatter reflected a broader sentiment that the company was recalibrating its workforce in response to evolving market dynamics and the need to optimize costs while continuing to invest in key areas for long-term growth in Canada, the United States, and international markets.
Turning to the latest annual results, Meta reported net income of about $23.2 billion for the year, a figure that still reflects a strong earnings level but showed a notable decline from the previous year. Annual revenue reached roughly $116.609 billion, marking a decrease of about 1.1 percent from 2021. These numbers illustrate the pressure on the company’s top line amid a slower advertising environment and shifting consumer behavior across digital platforms in North America and around the world.
Looking ahead to 2023, Meta’s chief financial officer outlined a cautious yet confident financial plan. The company anticipated first-quarter revenue to land between $26 billion and $28.5 billion, with full-year expenses projected to range from $89 billion to $95 billion. This guidance represented a shift from earlier expectations and underscored Meta’s intent to balance scalable investment with disciplined cost management as it navigates a market with fluctuating demand and evolving regulatory considerations across the United States and Canada.