Meta has initiated a widespread layoff process affecting hundreds of employees across various departments and teams within the organization, including hardware development and product management sectors. Affected employees were notified via internal emails this morning.

This move is a continuation of the "Year of Efficiency" cost-cutting policies mandated by CEO Mark Zuckerberg. Through this stringent measure, the company aims to restructure its budget and offset the massive investment costs directed toward purchasing data processors and advancing generative AI research.

Although the company posted solid profits in the last quarter driven by ad revenues, pressure from investors demanding tighter spending on slow-yielding "Metaverse" projects forced management to reduce the workforce as a proactive measure to maintain profit margins.