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 announs 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 Markker MarkKerberg Said in A Staff.
The layoffs are part of a wider restructuring at Meta That will see the company flatten its organizational structure, cancel lower priority projects and reduce its hiring rates as part of the move. The news synt meta’s shares up 2 percent in Premarket Trading.
The move underscores zuckerberg’s push to turn 2023 Into the “year of efficiency” with promised cost cuts of $ 5 billion (Nearly Rs. 41,200 Crore) in Expensives to Between <9 Billon Rs. 7,33,100 Crore) and $ 95 Billion (Nearly Rs. 7,82,500 Crore).
A deteriorating economy has brought about a series of mass job cuts across corporate america: from wall street banks Amazon.com and Microsoft,
The tech industry has laid off more than 280,000 Workers Since the Start of 2022, with about 40 percent of them coming this year, according to layoffs tracking site.
Meta, which is pouring bills of dollars to build the futuristic metaverseHas 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 Percent Marked The First Mass Layoffs in Its 18-Year History. Its headcount study at 86,482 at 2022-end, up 20 percent from a year ago.
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