New Delhi: Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 vacant positions as the social media pioneer cuts costs. The company said Tuesday it would reduce the size of its recruiting team and make further cuts in its technical groups in late April and again in its business groups in late May.
CEO Mark Zuckerberg said, it’s going to be tough and there’s no way around it. This will mean saying goodbye to the talented and passionate associates who have been a part of our success.
The Menlo Park, California, company has invested billions of dollars in its focus on the metaverse.
In February it posted lower fourth-quarter profit and revenue, hurt by a slump in the online advertising market and competition from rivals such as TikTok.
The company had announced 11,000 job cuts in November. As I’ve talked about efficiency this year, I’ve said that part of our work will involve eliminating jobs — and that’s part of our long-term vision of building a leaner, more technological company, and our long-term vision, Zuckerberg said.
Meta cut about 11,000 jobs last year, or about 13 percent of its workforce. The cuts are expected to reach a similar proportion to those this year, the people said, although the final count of cumulative cuts expected in the second quarter is not yet clear.
A few days ago, The Wall Street Journal reported that “Facebook parent Meta Platforms plans to announce several rounds of additional layoffs in the coming months, which in total equates to cutting its workforce by 13 percent last year.” Will happen. “
“The new cuts, the first wave of which is expected to be announced next week, are likely to hit non-engineering roles especially hard. The company is also expected to lay off some projects and teams. ” With these cuts,” added the report.
Technology companies including Amazon.com, Microsoft and others have cut thousands of jobs this year and profits from the pandemic-induced high have retreated. Through 2022, the number of layoffs is projected to reach nearly 300,000 workers, according to Layoffs.fyi, which is tracking job cuts in the industry.