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Meta announces second round of job cuts, plans to lay off 10,000 employees

Meta announces second round of job cuts, plans to lay off 10,000 employees

Also read :Meta announces second round of job cuts, plans to lay off 10,000 employees

 In another shocking revelation, Facebook-parent Meta Platforms announced on Tuesday it would let go 10,000 employees, just four months after it cut 11,000 jobs - becoming the first Big Tech company to declare a second round of mass layoffs.

Also read :Meta announces second round of job cuts, plans to lay off 10,000 employees

"We expect 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 Wall Street Journal reported last Friday on the company planning to cut scores of jobs in multiple rounds over the next few months. Following the report, Meta's shares rose by over 2% in after-hours trading.

Also read :Meta announces second round of job cuts, plans to lay off 10,000 employees

The WhatsApp owner had laid off 13% of its workforce last November, repeating the moves of numerous tech companies which had announced thousands of job cuts blaming the economic downturn. And in February this year, Meta revealed that it expects its 2023 expenses at between $89 billion and $95 billion, with the CEO describing the period as a "Year of Efficiency".

Last year's layoffs were the first in the tech giant's 18-year history. Just like numerous other tech companies, Meta also aggressively hired during the Covid-19 pandemic to address an unprecedented rise in social media usage by stuck-at-home netizens.

Also read :Meta announces second round of job cuts, plans to lay off 10,000 employees

Tech companies welcomed a massive boost during the period and so did their valuations. However, the Covid-induced highs didn't last long in the face of decades-high inflation and rising interest rates, eventually ushering in the season of mass layoffs.

Layoff tallies have released roughly 300,000 employees since last year, said Layoffs.fyi - a website tracking job cuts in the industry.


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