Meta slashed 21,000 roles in a multi-round cost-saving initiative that concluded in May.
But the company has reportedly rehired a number of those employees who were let go, per several sources familiar with the matter, Insider reported earlier this week.
Hiring was paused to bolster Meta co-founder and CEO Mark Zuckerberg’s “year of efficiency,” but it’s “quietly picked up in certain areas” as the company enjoys an upward swing, according to the report.
The report also revealed that the company rehired “dozens” of employees to work in engineering and technical roles, but an exact number was not immediately available.
Meta stock was plunging last year, but surprisingly strong second-quarter results in July saw shares spike to their highest since early 2022, soaring 11% that month for the company’s ninth consecutive month of gains, CNBC reported.
The layoffs of late 2023 and early 2023 contributed to the rise — but so did other significant events.
Meta’s TikTok-like Instagram Reels are fast-growing among users and advertisers, thanks to AI, Reuters reported.
Additionally, Meta’s Twitter rival Threads saw early adoption, hitting 100 million users within the week, though that user base has since dwindled.
Meta Platforms Inc is up more than 70% year over year.
Source: Entrepreneur
