After 21,000 layoffs Meta to begin hiring later this year
This is part of the company's 'year of efficiency'.
Meta Platforms Inc. plans to hire again by May and create thousands of new positions next year.
Meta has had a hiring freeze in place for six months. However, as it completes layoffs within the next two month, Meta plans to resume hiring. This was revealed by Meta's finance chief Susan Li during a Wednesday conference call. Li stated that after the company resumes its hiring it will grow its workforce by "over 1% or 2 percent in 2024."
According to Business Journal's research last year, Meta employs roughly 18,000 employees in Silicon Valley. According to Wednesday's financial results, Meta employed 77,114 people around the globe as of the end March.
The company's restructuring plan included a tens-of-thousands-of layoffs as part of its massive data centers, which power social networking apps like Instagram and WhatsApp. Li, during the earnings conference, said that the company's plans to restructure the organization will cost between $3 billion and $5 billion.
Meta (Nasdaq META) surged by 12% during the extended session after the company surprised investors by announcing a positive revenue forecast. This was a sign of a growth acceleration based on recent results. Li predicted that the second-quarter revenue will fall between $29.5 and $32 billion. This is ahead of the consensus estimate of $29.5 billion.
Menlo Park reported a net profit for the first quarter of $5.7 billion. This is $2.20 per share. The previous period had a net profit of $7.6 billion or $2.72. The revenue grew 3% to reach $28.7 Billion.
Reality Labs, the company's highly-watched division tasked with developing metaverse products, services and technologies, posted a first quarter operating loss of almost $4 billion. During the conference call on Wednesday, executives announced that spending on Reality Labs would increase in 2019.
Meta stock ended Wednesday's regular trading session at $209.40, up 0.9%. The stock has risen by 16% over the last year while the S&P 500 Index only grew 2.9%.