Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” in the Rayburn House Office Building in Washington, DC on October 23, 2019.
MANDEL NGAN | AFP | Getty Images
Meta CEO Mark Zuckerberg said in a blog post on Tuesday that the company will lay off 10,000 employees as Meta continues to slim down and trim expenses in a challenging economy.
Shares of Meta were up about 4%.
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The new round of layoffs follow a previous round of cuts, announced in November, that affected over 11,000 workers, which equated to roughly 13% of Meta’s overall staff.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in the post. He added that the company plans to close 5,000 additional open roles that it hasn’t yet filled.
Zuckerberg has pitched 2023 as the company’s “year of efficiency,” in which the firm aims to become “a stronger and more nimble organization.”
Zuckerberg told analysts in February that the 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.”
Still, Meta continues to spend billions of dollars developing the virtual reality and augmented reality technologies required to build the digital universe coined the metaverse. 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.
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