Status: 03/14/2023 3:15 p.m
The Facebook parent company Meta is once again making cuts: 10,000 jobs are to be cut by the end of May, CEO Zuckerberg said. Already in November he had laid off around 13 percent of the workforce.
The Facebook parent Meta wants to cut 10,000 jobs in a second wave of layoffs. “We anticipate reducing our team by approximately 10,000 people and closing approximately 5,000 additional open positions that we have not yet filled,” said CEO Mark Zuckerberg in a statement to employees.
The recruitment team will be reduced, further cuts should follow in the tech groups at the end of April. At the end of May, trading areas were affected. “It’s going to be tough and there’s no way around it,” Zuckerberg said. The group had to say goodbye to talented and committed colleagues “who were part of our success”.
13 percent of the workforce laid off in November
Just four months ago, Meta had already announced the layoff of 11,000 employees, which was around 13 percent of the workforce at the time.
The company is suffering from collapsing advertising revenues and billions in losses from its “Reality Labs” division. Among other things, the development of the “Metaversum”, a virtual world, is bundled there. Zuckerberg had therefore proclaimed 2023 the “Year of Efficiency” and declared that he wanted to reduce costs by five billion to between 89 and 95 billion dollars. Meta’s shares are up nearly 2 percent in premarket trading on Wall Street.
A few weeks before the second round of layoffs, Meta had dismissed a media report about such plans as false.