Meta announces layoffs of tens of thousands of employees and cuts 5,000 vacancies

It is learned that on March 14, Meta CEO Mark Zuckerberg announced a second round of layoffs, planning to lay off 10,000 employees and close recruitment for 5,000 vacancies. Meta thus became the first technology giant to launch a second round of large-scale layoffs.

Meta announced its first round of layoffs in November, cutting 11,000 employees. In a memo, Zuckerberg told employees that Meta experienced a sharp slowdown in revenue in 2022, with earnings down 4% year-over-year in the three months ending December 2022.

According to reports, Meta's recruitment team will be the first to be affected by the layoff plan, and the restructuring and layoffs of the technical group are expected to take place in April this year, and the layoffs and reorganization of the business group will be carried out in May. According to Zuckerberg, these changes may not be completed until the end of this year.

Zuckerberg believes that rising U.S. interest rates, global geopolitical instability and increased regulation are some of the factors affecting Meta, and the company needs to prepare for the possibility that this new economic reality will last for many years.

Other tech giants have also issued layoff notices. So far in 2023, more than 128,000 jobs have been cut in the tech industry, according to layoffs.fyi, which tracks job losses in the industry.

Earlier this year, Amazon announced that it planned to close more than 18,000 jobs, while Google's parent company Alphabet cut 12,000 jobs.

Since Meta relies on its advertising business for most of its revenue, the company faces a bigger blow than other tech giants with the release of Apple's privacy policy. In addition, Meta's huge investment in the Metaverse, in which the company has invested $15 billion, may also be at risk of being wasted.

Zuckerberg said there would be no new hires until the restructuring was complete, and he also mentioned in the memo that employees who adopted a hybrid work style were more likely to be laid off.

Editor✎ Ashley/

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