Meta, the parent company of Facebook, has announced that it will be reducing its workforce by 10,000 jobs and leaving 5,000 open positions unfilled as part of its cost-cutting measures.
According to reports, the company has stated that it will decrease the size of its recruiting team and implement additional cuts in its technology groups at the end of April.
It also plans to make cuts in its business groups at the end of May. The announcement was made on Tuesday.
This will be tough and there’s no way around that, said CEO Mark Zuckerberg.
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It will mean saying goodbye to talented and passionate colleagues who have been part of our success.
The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse.
In February it posted lower fourth-quarter profit and revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.
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The company announced 11,000 job cuts in November.
As I’ve talked about efficiency this year, 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, said Zuckerberg.
In premarket trading, Meta shares rose 3.7%.
(With agency inputs)