Meta Dismisses 10,000 Employees in Its 2nd Wave of Layoffs

As a cost-cutting measure, Facebook’s parent company Meta is eliminating an additional 10,000 staff and will not fill 5,000 vacancies.

In November, the corporation announced 11,000 layoffs, or around 13% of its staff.

Meta and other IT companies have been aggressively hiring for at least two years and have begun laying off some of those employees in recent months. In the United States, hiring remains robust, but layoffs have hit some industries hard.

Beginning of last month, Meta reported dropping profits and revenue for the third consecutive quarter.

The company said on Tuesday that it would cut the size of its recruiting staff and make more changes in late April and late May to its tech and business departments.

Mark Zuckerberg, the CEO of Facebook, said, “This is going to be hard, and there’s no way around it.” It will require saying goodbye to talented and devoted coworkers who have contributed to our success.

The Menlo Park, California, corporation has invested billions in shifting its focus to the metaverse. In February, it said that its financial performance had been hurt by a drop in online advertising and competition from sites like TikTok.

“As I’ve discussed efficiency this year, I’ve mentioned that a portion of our effort would involve eliminating positions,” said Zuckerberg. “This is in service of establishing a leaner, more technological firm and enhancing our business performance to support our long-term ambition.”

The largest U.S. technology corporations are also slashing costs elsewhere.

Amazon halted building on its second headquarters in Virginia this month as a result of the most significant round of layoffs in the company’s history and its altering plans for remote employment.

Tuesday’s early trade saw a greater than 6% increase in Meta shares.