Facebook to Reduce the Number of Employees

Mark Zuckerberg intends to cut the number of Facebook employees over the next year.

The company has already begun work on downsizing its workforce. This year, according to one employee, the number of redundancies could reach 10% of the total workforce. Zuckerberg said he expects the overall growth in the number of employees to "decline over time." He added that Facebook will "steadily reduce head-count growth over the next year" and "many teams will shrink so we can shift energy to other areas inside the company."

The exact number of employees who will leave the company is not known. David Wehner, Meta's chief financial officer, responded only that he would give more specific recommendations at a later date.

This week the company reported its first year-on-year revenue decline of 1% for the first time in its history.  Nevertheless, the company is hopeful that Reels will be able to rectify the situation. Facebook chief operating officer Sheryl Sandberg, who will be leaving the company in the coming months, said of Reels during her latest earnings call:

We see significant potential for growth in the future