Meta Platforms Inc., the parent company of Facebook, has announced that it will cut around 10,000 jobs over the next few months in a second wave of mass layoffs. The company’s CEO, Mark Zuckerberg, said in an email to staff on Tuesday that this move is part of their “year of efficiency” effort to be more effective in a challenging economy.
According to Mr. Zuckerberg, the layoffs will be conducted in multiple rounds, with the company’s recruitment teams being cut first, followed by restructuring and layoffs in its technology groups in late April. Business teams will face layoffs in May, and the company will also stop hiring for about 5,000 open positions.
The decision to cut jobs comes as the company faces a longer-term change in the economy, marked by the end of low interest rates, growing geopolitical tensions, and costly new regulations. Mr. Zuckerberg said that the company must adapt to this changing landscape and become more efficient to remain competitive.
This is the second wave of mass layoffs for the company, which had previously cut around 30,000 jobs in November 2022. The move is expected to save the company billions of dollars in operating costs.
The job cuts at Meta are likely to have a significant impact on the tech industry, with many analysts predicting that other companies may follow suit. The move also highlights the challenges faced by large tech companies in a difficult economic environment as they strive to maintain profitability and adapt to changing market conditions.
Despite the layoffs, Meta remains a leading player in the tech industry, with a wide range of products and services that are used by billions of people around the world. The company’s continued focus on efficiency and innovation is likely to ensure its long-term success, even as it faces challenges in the short term.