Meta to lay off 10,000 employees in latest round of job cuts
Meta previously cut over 11,000 jobs in November
Ziprecruiter chief economist Julia Pollak and Employbridge chief workforce analyst Joanie Bily discuss tech company layoffs as worldwide recession looms on ‘Fox Business Tonight.’
Facebook parent company Meta announced on Tuesday that it will lay off 10,000 employees in the coming months as it contends with a challenging economic environment.
"As I've talked about efficiency this year, I've said that part of our work will involve removing jobs – and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision," Meta CEO Mark Zuckerberg said in a Facebook post.
As part of its "Year of Efficiency," the company also plans to close another 5,000 additional open roles that haven't been filled, Zuckerberg said.
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The job cuts will occur in phases over the next few months.
Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2021. (AP Photo/Tony Avelar, File / AP Newsroom)
Meta will first reduce the size of its recruiting team given that it is slowing down on hiring, Zuckerberg said. Those team members will be informed on Wednesday if they are affected. The company expects to make additional cuts within its tech groups in late April and its business groups in late May.
"In a small number of cases, it may take through the end of the year to complete these changes," the chief executive continued.
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The app icons of Facebook, Messenger, Instagram, WhatsApp, and Oculus VR are displayed on a smartphone screen with a Meta logo in the background. (Illustration by Onur Dogman/SOPA Images/LightRocket via Getty Images / Getty Images)
After the restructuring is complete, Zuckerberg said the company plans "to lift hiring and transfer freezes in each group."
Meta – which already cut more than 11,000 positions in November – is just one of several tech companies looking to trim costs. Just last month, Meta, in particular, posted falling profits and its third consecutive quarter of declining revenue.
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In recent months, the number of tech layoffs increased as companies including Amazon, Google parent Alphabet, Twitter and Microsoft attempt to tighten their belts after over-hiring during the COVID-19 pandemic. The companies benefited from a surge in demand for their products and services when people were forced to work remotely.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 562.75 | -2.77 | -0.49% |
Since January, more than 128,000 global tech workers have been laid off, according to Layoffs.fyi, a website that tracks job cuts in the industry.
The Associated Press contributed to this report.