Meta layoffs

2023 - 3 - 14

Post cover — Image courtesy of "BBC News"

Meta layoffs: Facebook owner to cut 10000 staff (BBC News)

In addition to the 10000 jobs being lost, 5000 open roles at the company will be left unfilled.

If he's right, his firm will regain its crown, but if he's wrong, the $15bn+ dollars he has spent on it so far could disappear in a puff of mixed reality smoke. He also dedicated a section of his correspondence to hybrid work. Firstly, so they have staff ready to handle sudden growth, which can happen (just look at TikTok). Many like Meta make most of their money from advertising. "In a small number of cases, it may take through to the end of the year to complete these changes. Meta chief executive Mark Zuckerberg said the cuts - part of a "year of efficiency" - would be "tough"

Meta to cut 10000 jobs in second round of layoffs (Reuters)

Facebook-parent Meta Platforms said on Tuesday it would cut 10000 jobs this year, making it the first Big Tech company to announce a second round of mass ...

Zuckerberg said he planned to further reduce the size of the recruiting team, which was especially hard-hit in the fall layoffs. Its headcount stood at 86,482 at 2022-end, up 20% from a year ago. Both changes were initially reported by the Wall Street Journal. But last year was a humbling wake-up call," Zuckerberg wrote. Meta shares jumped 6% on the news. With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously. Restructurings in the tech group would be announced in late April and cuts to business groups would come in May. [job cuts](/markets/us/tech-firms-wall-street-titans-lead-job-cuts-corporate-america-2023-02-08/) across corporate America: from Wall Street banks such as Goldman Sachs [(GS.N)](https://www.reuters.com/companies/GS.N) and Morgan Stanley [(MS.N)](https://www.reuters.com/companies/MS.N) to Big Tech firms including Amazon.com [(AMZN.O)](https://www.reuters.com/companies/AMZN.O) and Microsoft [(MSFT.O)](https://www.reuters.com/companies/MSFT.O). Register for free to Reuters and know the full story In a message to staff, Chief Executive Mark Zuckerberg said most of the cuts would be announced in April and May, though in some cases they would continue through the end of the year. "For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. [(META.O)](https://www.reuters.com/companies/META.O) said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.

Facebook-parent Meta plans to lay off another 10000 employees (CNN)

Facebook-parent Meta plans to lay off another 10000 workers, marking the second round of significant job cuts announced by the tech giant in four months.

During the earnings call, Zuckerberg promised investors that 2023 would be the “year of efficiency” for the company, following years of heavy investment in growth and a more immersive version of the internet called the metaverse. When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end,” Zuckerberg said during the earnings call in early February. With 11,000 job cuts announced in November and the 10,000 announced Tuesday, that would bring Meta’s headcount down to around 66,000 — a reduction of about 25%. In a “small number of cases, it may take through the end of the year to complete these changes.” “At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg added. “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote.

More Meta layoffs: Facebook, Instagram parent company to cut ... (USA TODAY)

Another 10000 employees of Meta, the parent company of Facebook and Instagram, will be laid off, after the tech giant announced further cuts.

[ cut about 12,000 jobs](https://www.usatoday.com/story/money/2023/01/20/google-layoffs-jobs-employees-cut/11088409002/), and SiriusXM radio is cutting [about 8% of its workforce. ](https://www.usatoday.com/story/tech/2023/03/06/radio-company-siriusxm-layoffs/11412775002/) Google in January announced that it would “This will be tough and there’s no way around that. Last month, Meta posted declining profits and its third quarter of decreased revenue. [Meta, ](https://www.usatoday.com/story/tech/2021/11/10/metaverse-what-is-it-explained-facebook-microsoft-meta-vr/6337635001/)the parent company of Facebook and Instagram, [will be laid off,](https://www.usatoday.com/story/tech/2022/11/09/meta-layoffs-facebook-parent/8313462001/) after the tech giant announced further cuts on Tuesday.

Meta to lay off 10000 more workers after initial cuts in November (CNBC)

Meta to lay off 10,000 more workers after initial cuts in November · Meta CEO Mark Zuckerberg said Tuesday the company plans to cut 10,000 employees. · The ...

[announced](https://www.cnbc.com/2023/01/18/amazon-set-to-begin-new-round-of-layoffs-affecting-over-18000-people.html) a new round of layoffs in January, impacting 18,000 employees across multiple divisions. In January, [12,000 workers](https://www.cnbc.com/2023/01/20/google-parent-to-lay-off-12000-workers-memo.html), [Microsoft](https://www.cnbc.com/quotes/MSFT/) announced plans to cut [10,000 employees](https://www.cnbc.com/2023/01/18/microsoft-is-laying-off-10000-employees.html) and [Salesforce](https://www.cnbc.com/quotes/CRM/) said it planned to [cut 7,000 jobs](https://www.cnbc.com/2023/01/04/salesforce-is-cutting-10percent-of-its-workforce-more-than-7000-employees.html). The company's Reality Labs division that's tasked with creating the metaverse lost about $13.7 billion in 2022 on $2.16 billion of revenue. [Twilio](https://www.cnbc.com/quotes/TWLO/), [Dell](https://www.cnbc.com/quotes/DELL/), [Zoom](https://www.cnbc.com/quotes/ZM/) and [eBay](https://www.cnbc.com/quotes/EBAY/) also recently disclosed significant [reductions to their workforce](https://www.cnbc.com/2023/02/07/zoom-to-lay-off-1300-employees-or-about-15percent-of-its-workforce.html). He added that the Facebook parent plans to close 5,000 additional open roles that it hasn't yet filled. Zuckerberg told analysts in February that Meta plans "on cutting projects that aren't performing or may no longer be crucial" while simultaneously "removing layers of middle management to make decisions faster." Zuckerberg has pitched 2023 as the company's "year of efficiency," in which the firm aims to become "a stronger and more nimble organization." [announced](https://www.cnbc.com/2022/11/09/meta-to-lay-off-more-than-11000-thousand-employees.html) in November, that affected more than 11,000 workers, which equated to roughly 13% of Meta's overall staff. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for "the possibility that this new economic reality will continue for many years." [Meta](/quotes/META/) will lay off 10,000 more workers and incur restructuring costs ranging from $3 billion to $5 billion, the company [announced](https://about.fb.com/news/2023/03/mark-zuckerberg-meta-year-of-efficiency/) Tuesday, with CEO [Mark Zuckerberg](https://www.cnbc.com/mark-zuckerberg/) warning economic instability could continue for "many years." [SEC filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/1326801/000132680123000035/meta-20230314.htm) announcing the cuts, Meta also said it anticipated lowered total expenses in 2023, ranging from $86 billion to $92 billion. - The CEO previously told analysts Meta plans "on cutting projects that aren't performing or may no longer be crucial" while simultaneously "removing layers of middle management to make decisions faster."

Meta, Facebook's Parent, to Lay Off Another 10000 Workers (The New York Times)

It would be the tech company's second round of cuts since November. Mark Zuckerberg, its chief executive, has declared 2023 the “year of efficiency.”

[midst of a tricky transition](https://www.nytimes.com/2022/10/09/technology/meta-zuckerberg-metaverse.html) to become a “metaverse” company, connecting people to an immersive digital world through virtual-reality headsets and applications. “There’s a lot of anger, and there’s the question many folks are asking: ‘How do you expect me to do work for the next two months while wondering if I will still have a job?’” “People are entering a job market that is the worst I’ve ever seen,” said Erin Sumner, a global director of human resources at DeleteMe, who was laid off from Facebook in November. But the expectation was that he would take a light touch to his favored project of the metaverse. “The world economy changed, competitive pressures grew and our growth slowed considerably,” he said. In November, Meta [laid off more than 11,000 people](https://www.nytimes.com/2022/11/09/technology/meta-layoffs-facebook.html), or about 13 percent of its work force at the time. Zuckerberg embarked on a quest to dial back what he felt was no longer necessary to run the company, according to current and former employees. Zuckerberg sees the metaverse as the next-generation computing platform, so Meta has been spending billions of dollars on the effort and reallocating workers to its Reality Labs division, which is focused on products for the metaverse. And regulators have stepped up efforts to rein in the company by pushing for new laws that would limit Meta’s data collection abilities. But to older employees who experienced the dot-com bust, it has hardly been a shock. But even beyond the macroeconomic conditions, Meta is dealing with many challenges. Meta also plans to close about 5,000 job postings that have yet to be filled, Mr.

Mark Zuckerberg's 'year of efficiency' now means another 10000 ... (Fortune)

The Facebook parent is terminating around 10,000 jobs and halting hiring for 5,000 open positions, CEO Mark Zuckerberg announced in a blog post Tuesday, in the ...

[billions](https://www.theinformation.com/articles/zuckerberg-is-spending-billions-on-the-metaverse-heres-where-its-all-going) Zuckerberg has spent on developing the metaverse, his push for efficiency and fewer redundancies has been well-received. [rein in Big Tech companies](https://www.npr.org/2021/07/01/1011907383/new-ftc-chair-lina-khan-wants-to-redefine-monopoly-power-for-the-age-of-big-tech), saying they had expanded to the point of monopolizing the sector. [11,000 employees](https://fortune.com/2022/11/09/mark-zuckerberg-takes-the-blame-for-failing-to-spot-the-post-pandemic-downturn-as-he-slashes-meta-headcount/) in November, the company is resorting to even more firings and job cuts. vision](https://www.nasdaq.com/articles/meta-platforms-meta-banks-on-ai-to-boost-growth-prospects) as “our single largest investment” and stated that the company’s long-term goal is to build A.I. The company had more than [87,000 employees](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001326801/d3f3edde-e018-4882-9bf9-1a17e0841e04.pdf) in September, a 28% increase from the year before. will be employed within the company to improve efficiency, calling it one of Meta’s “tools that will make us most effective over many years.” He said Meta is planning to use A.I. But Zuckerberg also suggested Meta may have permanently moved on from its freewheeling past to focus on efficiency and cost-cutting. Coming down on tech has been [notoriously difficult](https://www.cnn.com/2023/01/11/tech/jonathan-kanter-doj/index.html) for Congress to get right, but stricter regulations are one of the few areas with [relative bipartisan agreement](https://morningconsult.com/2023/01/18/big-tech-regulation-2023-challenges/). Advertising revenue at the company has been “into every one of our products.” Zuckerberg also said A.I. to “help engineers write better code faster, enabling us to automate workloads over time, or identifying obsolete processes that we can phase out.” The [a blog post](https://about.fb.com/news/2023/03/mark-zuckerberg-meta-year-of-efficiency/) Tuesday, in the latest tech sector push to lower costs and streamline operations.