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.