Meta has announced a fresh round of layoffs. Over the next two months, it plans to let go of 10,000 employees. Facebook’s parent company has also closed hiring for 5,000 positions and canceled a handful of projects. The new job cuts come just four months after CEO Mark Zuckerberg laid off 11,000 employees, or 13% of its workforce.
“I recognize that the idea of upcoming organization changes creates uncertainty and stress. My hope is to make these organization changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead. This will be tough, and there’s no way around that,” Zuckerberg wrote in an open Facebook post to his employees.
Meta faced a tough outlook last year, reporting its first drop in revenue. Zuckerberg called it a humbling wakeup call. He told employees the company should prepare itself for the possibility that this new economic reality for tech companies will continue for many years.
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KARAH RUCKER: META HAS ANNOUNCED A FRESH ROUND OF LAYOFFS TODAY – WITH PLANS TO NIX ANOTHER TEN THOUSAND EMPLOYEES OVER THE NEXT TWO MONTHS.
FACEBOOK’S PARENT COMPANY HAS ALSO CLOSED HIRING FOR FIVE THOUSAND POSITIONS AND CANCELED A HANDFUL OF PROJECTS.
THE NEW JOB CUTS COME JUST FOUR MONTHS AFTER CEO MARK ZUCKERBERG LAID OFF 11 THOUSAND EMPLOYEES – 13 PERCENT OF ITS WORKFORCE – LAST NOVEMBER.
“I RECOGNIZE THAT THE IDEA OF UPCOMING ORGANIZATION CHANGES CREATES UNCERTAINTY AND STRESS. MY HOPE IS TO MAKE THESE ORGANIZATION CHANGES AS SOON AS POSSIBLE IN THE YEAR SO WE CAN GET PAST THIS PERIOD OF UNCERTAINTY AND FOCUS ON THE CRITICAL WORK AHEAD.THIS WILL BE TOUGH AND THERE’S NO WAY AROUND THAT,” ZUCKERBERG WROTE IN AN OPEN FACEBOOK POST TO HIS EMPLOYEES.
META FACED A TOUGH OUTLOOK LAST YEAR – REPORTING ITS FIRST DROP IN REVENUE. ZUCKERBERG CALLED IT A HUMBLING WAKEUP CALL. HE TOLD EMPLOYEES THE COMPANY SHOULD PREPARE ITSELF FOR THE POSSIBILITY THAT THIS NEW ECONOMIC REALITY FOR TECH COMPANIES WILL CONTINUE FOR MANY YEARS.