Meta to lay off 10,000 more jobs
- March 14, 2023
- 0
Meta Platforms company announced that it plans to cut 10,000 more jobs. This was reported by Reuters, Ukrinform reports. “I think we need to prepare for the new
Meta Platforms company announced that it plans to cut 10,000 more jobs.
This was reported by Reuters, Ukrinform reports.
“I think we need to prepare for the new economic reality that will continue for years to come,” said Meta CEO Mark Zuckerberg.
Addressing employees, he said most of the cuts will occur in April and May, but in some cases until the end of the year.
Meta Platforms has become the first major tech company to announce a second wave of layoffs. On the background of this news, the company’s shares gained 6%.
The anticipated layoffs are part of a restructuring where the company will shelve plans to hire 5,000 people, scale down lower priority projects and “flatten” middle management levels.
Meta, which has invested billions of dollars to create a futuristic Metaverse, is battling a post-pandemic slump in ad spend.
Zuckerberg promised that 2023 will be the “Year of Productivity.” The company expects spending this year to be $3 billion less than forecast.
During the previous wave of layoffs, Meta laid off 11,000 employees, as Ukrinform reported.
Source: Ukrinform
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