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Be the first with the news that moves the market- The parent of Facebook, Meta Platforms Inc. (META), confirmed Tuesday it will lay off another 10,000 employees
- The social media giant did not immediately specify which employees in which roles would be let go
- CEO Mark Zuckerberg said his hope is to make the changes as soon as possible to avoid uncertainty
- Meta also hopes to cut between $86 and $92 billion in expenses this year
- Meta Platforms Inc. (META) is up 6.4 percent, trading at US$192.47 at 12:06 p.m. ET
The parent of Facebook, Meta Platforms Inc. (META), confirmed Tuesday it will lay off another 10,000 employees.
The social media giant did not immediately specify which employees in which roles would be let go.
The company’s CEO, Mark Zuckerberg, said his hope is to make the changes as soon as possible to avoid uncertainty among employees.
The announcement comes now three months into the company’s so-called “Year of Efficiency.”
Meta also hopes to cut between $86 and $92 billion in expenses this year, according to a filing with the U.S. Securities and Exchange Commission.
“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,” Zuckerberg said in an open letter to employees.
“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.”
After restructuring, the company plans to lift its current hiring and transfer freezes across all of its departments and groups. That should allow the company to fill around 5,000 currently-vacant roles.
It hopes to complete its analysis of its hybrid work year model sometime this coming summer.
We also aim to have a steady stream of developer productivity enhancements and process improvements throughout the year.
Tuesday’s news comes months after the company’s most-recent layoffs in the fall. In November, Meta announced around 11,000 layoffs representing 13 percent of its workforce, citing restructuring.
“I’ve said that part of our work will involve removing jobs — and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long-term vision,” Zuckerberg said.
“In our Year of Efficiency, we will make our organization flatter by removing multiple layers of management. As part of this, we will ask many managers to become individual contributors. We’ll also have individual contributors report into almost every level — not just the bottom — so information flow between people doing the work and management will be faster.”
Meta Platforms Inc. (META) is up 6.4 percent, trading at US$192.47 at 12:06 p.m. ET.
