This comes only four months after the company let go of 11,000 workers, making it the first major technology firm to initiate a second wave of mass layoffs.
Facebook-parent Meta Platforms on Tuesday announced that it would be reducing its workforce by 10,000 employees. This comes only four months after the company let go of 11,000 workers, making it the first major technology firm to initiate a second wave of mass job cuts.
"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.
The previous reduction, announced in November 2022, had affected approximately 13 percent of the company's total workforce.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in the post. He added that the company plans to close 5,000 additional open roles that it hasn’t yet filled.
Mark Zuckerberg outlined the expected timeline in a recent post, stating that organizational leaders will be announcing restructuring plans in the coming months to streamline the company's operations.
"Org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates," he said. Additionally, the company plans to eliminate 5,000 open positions that have not yet been filled.
Zuckerberg has set 2023 as the year for Meta's "pursuit of efficiency", with a goal of transforming the company into a more agile and resilient organisation.
In February, he revealed to analysts that Meta plans to optimise its operations by eliminating underperforming or non-essential projects, as well as streamlining decision-making by reducing middle management layers.
However, despite the financial losses incurred by its Reality Labs division, Meta is determined to invest billions of dollars in the development of virtual and augmented reality technologies that are essential for building the metaverse - a digital universe.
In 2022, the Reality Labs division reported a loss of approximately $13.7 billion, despite generating $2.16 billion in revenue.
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