Meta, the parent company of Facebook, Instagram, and WhatsApp, has announced another round of job cuts, affecting employees across various teams. The latest layoffs are part of the company's ongoing efforts to streamline operations and reduce costs.
A Meta spokesperson confirmed to Reuters that several teams within the company are undergoing restructuring to align with long-term strategic goals and location strategies. This includes moving some teams to different locations and reassigning employees to new roles. While the exact number of job cuts has not been disclosed, reports suggest that they are relatively small.
In addition to the layoffs, Meta has also terminated two dozen employees in Los Angeles for allegedly misusing their daily $25 meal credits. The employees are accused of using the credits to purchase household items, including acne pads, wine glasses, and laundry detergent. These terminations are separate from the team restructurings and took place last week. 
Meta has been actively reducing its workforce since November 2022, with over 21,000 jobs cut in total. CEO Mark Zuckerberg has characterized 2023 as the "Year of Efficiency" as the company strives to control costs and improve profitability.
Despite the job cuts, Meta's stock price has seen a significant increase this year, rising by more than 60%. The company's strong second-quarter results, which exceeded market expectations for revenue and provided a positive sales forecast for the third quarter, have boosted investor confidence.
The latest round of layoffs highlights the ongoing challenges faced by tech companies as they navigate economic uncertainty and adapt to changing market conditions. As Meta continues to focus on efficiency and cost-cutting measures, it remains to be seen how these changes will impact the company's long-term growth and success.
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