Facebook-parent Meta Platforms said it would cut 10,000 jobs, just four months after it let go 11,000 employees; first big tech company to announce a second round of mass layoffs.
It will also not fill another 5,000 positions, announcing the second round of significant job cuts by the tech major in four months.
The latest move comes after Meta slashed approximately 13 per cent of its workforce, or 11,000 jobs in November last year, in the single largest round of cuts in the company’s history.
In a Facebook post on Tuesday, CEO Mark Zuckerberg said the job cuts will take place “over the next couple of months.”
“We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote. In a “small number of cases, it may take through the end of the year to complete these changes,” he said.
The grim news for the tech industry came days after the Silicon Valley Bank, which catered to start-ups, collapsed.
“Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg said.
As of September 2022, Meta reported a headcount of 87,314, per a securities filings.
With 11,000 job cuts announced in November and the 10,000 announced on Tuesday, it would bring the firm’s headcount down to around 66,000, according to CNN.
Meta is among the big tech companies to undergo layoffs amid higher inflation, recession fears and pandemic-induced demand.
Earlier this year, Amazon, Google-parent Alphabet and Microsoft have announced major job cuts impacting tens of thousands of tech workers across the globe.
Shares of Meta rose more than 6 per cent in early trading on Tuesday following the announcement. PTI AKJ