Facebook-owner Meta has announced another wave of job cuts and is seeking to eliminate 10,000 jobs worldwide.
The latest losses are the second round of swingeing job cuts in less than six months, after the firm laid off 11,000 employees in November 2022.
Representing roughly 13 per cent of its global work force, Meta chief executive Mark Zuckerberg justified the cuts by saying that 2023 would be a “year of efficiency” for the firm. At its peak last year, Meta had 87,000 full-time employees.
The forthcoming round of layoffs will affect its recruiting team this week, with a restructuring of its tech and business groups to come in April and May, Zuckerberg said in a memo.
The next couple of months will also see restructuring plans focused on “flattening” the organisation, cancelling lower priority projects, and reducing its hiring rates.
He also talked about improving organisational efficiency, increasing developer productivity and tooling and optimising various processes within the company.
“My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg said.
“This will be tough and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They’ve dedicated themselves to our mission and I’m personally grateful for all their efforts.
“We will support people in the same ways we have before and treat everyone with the gratitude they deserve.”
Zuckerberg previously blamed the “macroeconomic downturn, increased competition and ads signal loss” for causing a drop in Meta’s revenue last year.
In 2021, the tech company’s stock reached an all-time high of $382 (£314) per share, before precipitously plummeting to a low of just $88. While it has since doubled from this nadir, Meta still has some way to go before shareholders see the valuations reached in the immediate aftermath of the pandemic.
Meta has been forced to deal with many challenges in recent years and has had to grapple with a digital advertising slowdown and software changes implemented by Apple which enable iPhone and iPad users to more easily opt-out of underlying tracking features used by Meta’s apps.
Meta is also transitioning towards a heavy focus on the “metaverse” – the concept of an immersive digital world accessed through virtual-reality headsets, but which has gained little traction so far.
All the major tech firms posted disappointing financial results last month after a booming few years of expansion as people increasingly turned to the digital world while stuck at home shielding from the pandemic.
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