Facebook To Cut 10,000 Jobs in Second Round of Layoffs
(Reuters)—Facebook-parent Meta Platforms announced Tuesday it would eliminate 10,000 jobs. It is the first Big Tech company that has made such an announcement in anticipation of a serious economic downturn.
Meta Shares rose 6% following the news. The company’s widely anticipated job cuts are part a larger restructuring that will also see it scrapping plans to hire for 5,000 positions, cancel lower priority projects and flatten middle management.
“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” In a message to employees, Mark Zuckerberg, Chief Executive Officer, stated these words.
Concerns about an economic downturn resulting from rising interest rates led to mass job losses across corporate America. This includes Wall Street banks Morgan Stanley and Goldman Sachs as well Big Tech firms like Amazon.com or Microsoft.
MetaThe futuristic building is being built by, which has invested billions of dollars metaverse has had to deal with a slump in advertising spending after the pandemic from companies concerned about economic prospects.
Zuckerberg responded by promising to make 2023 the best year in history. “Year of Efficiency”. The latest move Meta The expenses for 2023 will be between $86 billion to $92 billion. This is lower than the $89billion to $95billion forecasted previously.
Zuckerberg said Meta You can eliminate the need for multiple layers of management by asking managers to become individual contributors. They should also be given less than 10 direct reporting. This would make the organization more efficient. “flatter.”
“We don’t expect to grow headcount as quickly, it makes more sense to fully utilize each manager’s capacity and defragment layers as much as possible,” He said.
MetaIn November,’s decision to reduce its headcount from 86,482 to 11,000 was its first mass layoff in 18 years. At 2022-end, its headcount was 86,482, up 20% from one year ago.
According to layoff-tracking site Layoffs.fyi, the tech industry has fired nearly 290,000.
(Reporting by Aditya and Aditya Soni, Bengaluru; Editing: Anil D’Silva
“From Facebook to Reduce 10,000 Jobs in Second Round Of Layoffs”
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