Facebook-parent Meta to lay off 10,000 employees in second round of job cuts
The logo of Meta Platforms' business group is seen in Brussels, Belgium on Dec 6, 2022. (File Photo: Reuters/Yves Herman)
14 Mar 2023 09:10PM (Updated: 14 Mar 2023 11:22PM)
Facebook-parent Meta Platforms said on Tuesday (Mar 14) it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs.
"We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired," chief executive officer Mark Zuckerberg said in a message to staff.
He added: "Our timelines for international teams will also look different, and local leaders will follow up with more details."
The layoffs are part of a wider restructuring at Meta that will see the company flatten its organisational structure, cancel lower-priority projects and reduce its hiring rates as part of the move. The news sent Meta's shares up 2 per cent in premarket trading.
The move underscores Zuckerberg's push to turn 2023 into the "Year of Efficiency" with promised cost cuts of US$5 billion in expenses to between US$89 billion and US$95 billion.
Related:
Meta delays setting team budgets as Facebook parent plans fresh round of layoffs: Report
Meta cuts 11,000 jobs as it sinks more money into the metaverse
A deteriorating economy has brought about a series of mass job cuts across corporate America: From Wall Street banks such as Goldman Sachs and Morgan Stanley to Big Tech firms including Amazon.com and Microsoft.
The tech industry has laid off more than 280,000 workers since the start of 2022, with about 40 per cent of them coming this year, according to layoffs tracking site.
Meta, which is pouring billions of dollars to build the futuristic metaverse, has struggled with a post-pandemic slump in advertising spending from companies facing high inflation and rising interest rates.
Meta's move in November to slash headcount by 13 per cent marked the first mass layoffs in its 18-year history. Its headcount stood at 86,482 at 2022-end, up 20 per cent from a year ago.
Source: Reuters/at
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