Metamates,
I want to share some tough news with you.
Today, we began notifying some Metamates that they will lose their jobs. Most of the reductions will come from the Products org and, when completed, will affect about 14% of the company.
I know this has been rumored for some time. It's disappointing when things like this leak, and it certainly doesn't make it any easier for anyone involved. This was a tough call, but a necessary one. We need to make these changes now to ensure that Meta is structured and running the way we want as 2022 ends. And that means we need fewer Metamates in some areas, and different types in others.
There are several reasons for this. First, we've found a lot of duplication in work. Second, it's
no secret that we're cutting investment in underperforming and non-core products so we can focus on our strengths and big bets (such as The Metaverse, Reels, advertising,
WhatsApp, and more). And lastly, we need to get the cost-structure in order so it aligns with our development plans for next year and beyond.
You've heard me say before that I don't plan to give up on The Metaverse. That's still true. This decision is about more than cost savings. The changes are meant to get us into a position so we can invest more in the kind of products and technology we know we need to be successful.
The process that begins today-along with Boz's org changes and new Products operational plan-helps to get us there.
It's never easy to say goodbye to Metamates we know and work with, especially before the holidays. Please know that we're helping those affected with severance pay and benefits, plus services to help them find other jobs.
One last thing: It's important to put this in perspective, and remember that we're making good progress as a company. DAU and MAU have expanded. Revenue growth has stabilized.
Spending is stabilizing . Our Metaverse alliance with Microsoft continues on schedule, and more.
We've got a lot of potential, but there is still a lot of work to be done. Let's stay focused and not lose sight of that.
Mark