Facebook-parent Meta Platforms said on Tuesday 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," Reuters reports quoting Chief Executive Officer Mark Zuckerberg's message to staff.
According to The New York Times, Meta also plans to close about 5,000 job postings that have yet to be filled, Zuckerberg said in the memo. Other restructuring efforts include a plan to wrap up this summer an analysis of Meta’s hybrid return-to-office model, which it began testing last March.
“This will be tough and there’s no way around that,” he wrote.
Meta’s stock rose more than 6 percent after the layoffs announcement, the report said.
Zuckerberg, the NYT report added, is culling employees after years of hiring at a breakneck pace. His company gobbled up workers as its family of apps, which also includes WhatsApp, became popular worldwide. The coronavirus pandemic also supercharged the use of mobile apps, leading to more growth. At its peak last year, Meta had 87,000 full-time employees.
As layoffs continue in technology companies, social media giant Facebook's parent firm Meta is reportedly planning to sack more employees as early as this week. According to a report, the Mark Zuckerberg-led company could reduce jobs over and above the 13% reduction in the total workforce that took place in November last year, The New Indian Express had reported recently.
Besides Meta, other tech companies such as Google, Amazon, Twitter and Microsoft have also slashed their workforce as tech companies have been facing an uncertain global macroeconomic environment for the past few months. Last month, Dell said that it will be laying off 5% of its workforce- about 6,650 employees globally. According to Layoffs.fyi, which tracks layoffs, 292 tech companies have laid off 88,138 employees in 2023 alone.