This is the second major layoffs the tech giant has announced in just four months.
In a statement posted on Facebook on March 14, CEO Mark Zuckerberg said the latest cuts will take place over the next few months.
“We expect the restructuring and reductions in our technology teams to occur by the end of April, followed by our business teams by the end of May,” Zuckerberg wrote. “A small number of additional reductions will occur in May and through the end of the year to complete the change,” the announcement said.
“Overall, we expect to reduce about 10,000 people, and about 5,000 additional positions that we have not yet filled,” Zuckerburg said.
Meta, the parent company of social network Facebook, has just announced that it will cut another 10,000 employees. (Illustration photo)
As of September 2022, Meta reported a total of 87,314 employees. With the 11,000 positions announced since last November and the 10,000 positions just announced, Meta's headcount will drop to approximately 66,000.
Meta isn’t the only big tech company cutting jobs amid rising inflation, recession fears and a drop in demand after the pandemic. Amazon, Alphabet and Microsoft all confirmed cuts affecting thousands of their engineering staff earlier this year.
Meta's stock price increased more than 4% in the morning trading session on March 14, after the announcement of a plan to reduce staff.
When Zuckerberg announced the first round of layoffs last November, he blamed himself for hiring too many people early in the COVID-19 pandemic. Meta nearly doubled its headcount between March 2022 and September last year, as the COVID-19 crisis drove up demand for digital services.
But things changed quickly for the social media giant and other tech companies as the pandemic eased and people returned to normal life. Meta’s core business also took a hit after Apple rolled out changes to its privacy policy and advertisers tightened their purse strings amid recession fears.
Meta’s most recent quarterly earnings report showed a sharp and three-quarter decline in revenue. However, Zuckerberg promised investors that 2023 would be a “performance year” for the company, after investing heavily in growth and developing a more immersive version of the internet called the metaverse.
(Source: Tienphong/ CNN)
Useful
Emotion
Creative
Unique
Wrath
Source
Comment (0)