Meta To Lay Off 10,000 Employees In Second Round Of Job Cuts

Meta To Lay Off 10,000 Employees In Second Round Of Job Cuts

Meta To Lay Off 10,000 Employees In Second Round Of Job Cuts.

Meta To Lay Off 10,000 Employees In Second Round Of Job Cuts

On Tuesday, Meta Platforms, the parent company of Facebook, announced that it would be cutting 10,000 jobs in a second round of mass layoffs, making it the first major tech company to do so amidst an anticipated economic downturn.

The restructuring plan will also include the cancellation of 5,000 planned job openings, the elimination of lower-priority projects, and the flattening of layers of middle management.

These moves are part of CEO Mark Zuckerberg’s plan to make 2023 the “Year of Efficiency” and to navigate the challenging economic climate.

The job cuts came just four months after the company let go of 11,000 employees in November 2022.

The company has been hit hard by a post-pandemic slump in advertising spending and worries about rising interest rates. This has led to a wave of mass layoffs across various industries, including Big Tech firms like Amazon and Microsoft, and Wall Street banks such as Goldman Sachs and Morgan Stanley.

Zuckerberg has stated that the company will remove multiple layers of management, ask managers to become individual contributors and give them fewer than 10 direct reports. This will make the organization flatter and more efficient.

Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the previous forecast of $89 billion to $95 billion.

The move by Meta is significant, given that it is investing heavily in building the futuristic metaverse. The company’s headcount stood at 86,482 at the end of 2022, up 20% from the previous year. Despite the job cuts, the company’s shares rose 6% on the news.


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