Meta To Lay Off 10,000 More Employees Throughout 2023
Meta will be laying off another 10,000 members of its workforce, Mark Zuckerberg announced on Tuesday. The company will also be withdrawing 5,000 open positions it had been planning to fill.
Last fall, Meta let go of 11,000 employees in a wave of mass layoffs. In February, sources close to the company alleged that it would be undergoing yet another sweep of layoffs in March.
The layoffs come as part of Meta’s self-described “Year of Efficiency,” in which the company plans to “improve [its] financial performance in a difficult environment so we can execute our long term vision.”
“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 wrote in a memo to staff. “With less hiring, I’ve made the difficult decision to further reduce the size of our recruiting team.”
Meta will begin laying off its tech groups in late April, followed by its business groups in late May. Layoffs are expected to be carried out until the end of 2023.
After the restructuring, the company says it will eventually “lift hiring and transfer freezes in each group.”
In a recent SEC filing, Meta detailed that it expects its expenses for the year to fall between $86 billion USD and $92 billion USD, a lower number than it initially anticipated, which can likely be attributed to the condensed company workforce.
In other tech news, SpaceX is testing its Starlink satellite cell phone coverage.
Source: Read Full Article