Meta

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.

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 announced another round of layoffs on Tuesday, which means the company will be cutting a fifth of its total workforce in just a few months.

He said the company is looking toward the future, and AI is going to be a big part of its products. This text may not be in its final form and may be updated or revised in the future. And there's definitely a tightening of the belt that's happening across all of these companies. All of these tech companies are talking about AI, and in his note, Zuckerberg said Meta is no different. If you add the layoffs from last fall and what was announced today, Meta is cutting roughly a quarter of its staff. And then, you know, this past week, we saw the collapse of Silicon Valley Bank, which backed a lot of tech companies and startups. And we've seen major layoffs at almost all of the top tech companies, including Amazon, Google, Microsoft and, of course, Twitter. This note is leaving a lot of people wondering what this billionaire CEO is thinking. CEO Mark Zuckerberg is calling this, quote, "the year of efficiency." From 2019 to 2022, it basically doubled its headcount, which is pretty common for tech companies during the pandemic. This is the year of efficiency. He also said these layoffs are part of a new economic reality, and he thinks that we're going to be in this reality for a while.

It is the first Big Tech company to announce a second round of mass layoffs. Read more at straitstimes.com.

But Mr Zuckerberg is now encouraging his staff to “find more opportunities to work with your colleagues in person”. Meta employees had been bracing themselves for more layoffs in recent weeks. The company expects to announce restructuring and layoffs in tech groups in late April, and business groups in late May, according to the statement.

"We expect to announce restructuring and layoffs in our tech groups in late April and then our business groups in May."

Employees will be more productive, and their work will be “more fun and fulfilling”. After the restructure is finalised, Meta plans to lift hiring and transfer freezes in each group. We will support people in the same ways we have before and treat everyone with the gratitude they deserve," Zuckerberg added. In a small number of cases, it may take through the end of the year to complete these changes.” The timelines for international teams will also look different, and local leaders will follow up with more details, he said. The recruitment team will also be reduced since the focus is to hire less, “We expect to announce restructuring and layoffs in our tech groups in late April and then our business groups in May.

The fresh layoff is in addition to the 11000 employees or 13% of its global workforce Meta had sacked in November last year in a bid to cut costs.

[Subscribe](https://economictimes.indiatimes.com/subscription?newslettertype=div_3125&email=2&utm_source=newsletter&utm_medium=email&utm_campaign=DailyTop5)to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. [Mark Zuckerberg](/news/mark-zuckerberg)said in a message to staff. [technology](https://economictimes.indiatimes.com/tech)and [startup news](https://economictimes.indiatimes.com/tech/startups)that matters. [Layoffs in 2023: a list of Indian startups & tech companies that have cut jobs](https://economictimes.indiatimes.com/tech/technology/layoffs-in-2023-a-list-of-indian-startups-tech-companies-that-have-cut-jobs/articleshow/97601464.cms?from=mdr) [Layoffs in 2023: Twitter, LinkedIn among latest firms to cut jobs amid economic downturn](https://economictimes.indiatimes.com/tech/technology/layoffs-in-2023-list-of-companies-that-have-announced-job-cuts-amid-economic-downturn/articleshow/97403993.cms?from=mdr) [11,000 employees or 13% of its global workforce Meta had sacked](https://economictimes.indiatimes.com/tech/technology/meta-to-layoff-11000-employees-says-mark-zuckerberg/articleshow/95403793.cms)in November last year in a bid to cut costs.

Antoine Bordes, former director of artificial intelligence research at Meta Platforms Inc., is joining Berlin-based defense tech startup Helsing, ...

In a fast-moving industry like the Technology, Media and Telecoms sector, problematic communications strategies can often lead to problems much greater than ...

Perhaps the most crucial feature of Workplace from Meta for MELI has been the powerful auto-translation feature, which users can access at the click of a button. Now, staff find it easier to share updates and information with the right audience, at the correct time. Turning to the social-media style UC environment offered by Workplace from Meta, MELI began building a new, collaborative workplace environment, infused with instant chat functionality, groups, and automatic translation. For a time, the MELI company relied almost exclusively on email to keep staff members connected. Before it began looking for a new solution to unified communication and collaboration, the brand was constantly struggling with disconnected teams, separated not just by geography, but also language gaps. In a fast-moving industry like the Technology, Media and Telecoms sector, problematic communications strategies can often lead to problems much greater than just reduced productivity.

Meta CEO Mark Zuckerberg has declared that 2023 is the company's “year of efficiency,” and according to a release, that includes “refining” Meta's ...

As part of the announcement, Zuckerberg said that an internal analysis of employee performance data suggests that engineers who work in person "get more done." [promoting remote roles in 2023](https://www.metacareers.com/facebook-life/remote/?p[offices][0]=Remote%2C%20Canada&p[offices][1]=Remote%2C%20France&p[offices][2]=Remote%2C%20Germany&p[offices][3]=Remote%2C%20Ireland&p[offices][4]=Remote%2C%20Italy&p[offices][5]=Remote%2C%20Netherlands&p[offices][6]=Remote%2C%20Poland&p[offices][7]=Remote%2C%20Spain&p[offices][8]=Remote%2C%20Sweden&p[offices][9]=Remote%2C%20UK&p[offices][10]=Remote%2C%20US&offices[0]=Remote%2C%20Canada&offices[1]=Remote%2C%20France&offices[2]=Remote%2C%20Germany&offices[3]=Remote%2C%20Ireland&offices[4]=Remote%2C%20Italy&offices[5]=Remote%2C%20Netherlands&offices[6]=Remote%2C%20Poland&offices[7]=Remote%2C%20Spain&offices[8]=Remote%2C%20Sweden&offices[9]=Remote%2C%20UK&offices[10]=Remote%2C%20US&no_rdr=0), and many employees have the option to work in person. The company carried its [flexible-work policies into 2021](https://www.cnbc.com/2021/06/09/facebook-will-let-all-employees-who-can-work-remotely-to-request-full-time-remote-work.html) when it announced that workers at all levels of the company could request to work remotely full-time. "This analysis also shows that engineers earlier in their career perform better on average when they work in-person with teammates at least three days a week." - As part of the announcement, Zuckerberg said that an internal analysis of employee performance data suggests that engineers who work in person "get more done." [Meta](/quotes/META/) CEO [Mark Zuckerberg](https://www.cnbc.com/mark-zuckerberg/) has declared that 2023 is the company's "year of efficiency," and according to a [release](https://about.fb.com/news/2023/03/mark-zuckerberg-meta-year-of-efficiency/), that includes "refining" Meta's distributed work model.

EBay's lawyers said in a filing in the San Francisco federal court that Meta is demanding confidential business information about eBay's privacy policies, ...

The lawsuit seeks to force Meta to sell the photo-sharing app Instagram and messaging platform WhatsApp. "Meta's discovery gluttony confirms its request of eBay is not worthy of the burden Meta seeks to impose," eBay's lawyers told the California court. Meta has denied the FTC's antitrust allegations. [FTC sued Meta](/topic/ftc-sued-meta)in D.C. Meta has faced some resistance from other companies that said its demands for information were too broad or invasive. A Meta spokesperson said in a statement that the company is "seeking information from companies with which we compete or which we believe have information relating to the FTC's claims."

During the tech sector's pandemic-era boom, employee headcount became one of the reigning barometers of success. Quarter after quarter, alongside ...

SINGAPORE — The latest round of job cuts at Meta have led some workers in the technology field here, including one Apple employee, to fear for their job ...

But if the quality of the services diminishes, then questions will be raised about whether they cut the right people or cut too many people,” Mr Siew added. She added that the regional and global team leads in TikTok have been “very reassuring and transparent” about the company’s situation. Those in the core team would refer to those who do the main function of the work. people will say, ‘Hey, they made the right decision’… One worker who was recently laid off from a financial technology (fintech) firm said that he had been worried for his job security since these retrenchments were reported in the media late last year. This is still pretty significant,” Mr Goh added. He said that Meta may have been prompted to do so because it had to publish its quarterly earnings by the end of this month and it would not be good for Meta to tell its shareholders that it had performed below expectation in its first quarter. Mr Alfred Siew, editor of the technology news website Techgoondu.com, pointed out that the number of employees being retrenched in the tech sector is not insignificant and it is bound to have some impact. A TikTok employee in her 20s said that she was “not too worried” about her job security because she had “grown numb” to all the news about layoffs in the sector since late last year. A 36-year-old working in a fintech firm that is a small- and medium-sized enterprise said that he was not worried for his job as well, because those with his skill sets in sales and development remain very much in demand within the industry. The fintech company was also more likely to let go of people who were not in the core team and had roles that supported the core team, he said. The 35-year-old, who did not want to disclose his name over concerns that it could affect his future job prospects, said that he had expected to be retrenched because those in senior or upper-middle management were “the first to go”.

Meta announced 10000 more employees laid off, with 5000 new job openings closed and a companywide “restructuring." And so far, investors are digging it.

Meta is still down from its all-time high of $382.18 in September 2021. The metaverse, though intriguing, seemed like a sinking ship: Meta didn’t have a clear objective, and the company didn’t know how it would profit from the technology. And it’s not like Meta is bleeding cash. More importantly, it showed that Zuckerberg and leadership were flexible and willing to admit their mistakes. In February 2023, Zuckerberg said Meta would create a top-level product team focused on developing a content-generative AI tool. After reporting a second quarter of consecutive losses in October 2022, Zuckerberg asserted that the company would spend more money in 2023 to develop its metaverse at Reality Labs. The company can use it internally to help its engineers work more efficiently. Investors found this hard to swallow because Reality Labs cost Meta $13.72 billion in 2022 and generated only $2.16 billion in return. If that confuses you, let’s look at what’s happening with Meta and why investors are feeling bullish this year. Per his public announcement, Zuckerberg is cutting “lower priority projects” and trimming middle-management positions. This follows a round of 11,000 layoffs announced in November 2022, part of a wave of It might seem odd that Meta’s stock would surge after more layoffs.

We'll send you a myFT Daily Digest email rounding up the latest Meta Platforms news every morning. Meta has announced plans to axe a further 10,000 jobs over ...

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In a LinkedIn post, she expressed her gratitude for the amazing memories and experiences she had while working with the best teams and incredible people.

RECOMMENDED This news comes after the company's first mass layoff in the fall, which eliminated over 11,000 jobs or 13 per cent of its workforce at the time. The company plans to cut 10,000 jobs this year, as part of a restructuring that will see it abandon hiring plans for 5,000 openings, and scrap lower-priority projects. I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," Zuckerberg wrote. However, despite the traumatic experience, she is grateful to be alive and is determined to push through the tough times for her son. The news of Facebook-parent Meta's second round of mass layoffs has sent shockwaves across the tech industry.