Meta To Cut 10,000 Jobs This Year
Facebook-parent Meta Platforms said last week it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn, Katie Paul, Nivedita Balu, and Adityani Soni reported for Reuters.
Photo Insert: The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.
Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.
They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13% of its workforce at the time, after a hiring spree that doubled the employee count it had as of 2020.
Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America in recent months. Tech companies have led the way, shedding more than 290,000 workers since the start of 2022, according to tracking site Layoffs.fyi.
Meta's purge of employees has been one of the sector's most pronounced.
On top of inflation woes, the company is also facing down unique threats to its core digital ads business while spending handsomely on Chief Executive Mark Zuckerberg's plans to build a futuristic metaverse.
In a message to staff, Zuckerberg said most of the new cuts would be announced in the next two months, though in some cases they would continue through the end of the year.