Facebook-parent Meta cuts jobs of 10,000 employees in second round

Facebook-parent Meta Platforms has confirmed that it would cut 10,000 jobs, four months after sacked 11,000 employees.
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“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,” Meta Platforms Chief Executive Officer Mark Zuckerberg said in a message to employees.

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.

Mark Zuckerberg earlier announced 2023 will be the “Year of Efficiency” with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion.

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 layoffs.fyi.

Meta’s move in November to slash headcount by 13 percent marked the first mass layoffs in its 18-year history. Meta’s headcount stood at 86,482 at 2022-end, up 20 percent from a year ago.

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