Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on “The Examination of Facebook and its Impact on the Financial Services and Housing Sectors” at the Rayburn Building Office Building in Washington, DC on October 23, 2019.
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Meta CEO Mark Zuckerberg said in a blog post on Friday that the company will lay off 10,000 employees as Meta continues to slim down and trim expenses in a challenging economy.
Meta shares are up about 4%.
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The new round of layoffs follows a previous round of cuts, announced in November, that affected more than 11,000 workers, which equates to roughly 13% of Meta’s staff.
“Here’s a timeline of what you should expect: over the next few months, the organization’s leadership will announce a restructuring plan focused on reorganizing our organization, eliminating lower-priority projects, and reducing hiring rates,” Zuckerberg said in the post. He added that the company plans to close 5,000 additional open roles that have not been filled.
Zuckerberg has made 2023 the company’s “year of efficiency,” in which the company becomes a “stronger and more agile organization.”
Zuckerberg told analysts in February that Meta plans “on cutting projects that are not performing or can no longer be important” while at the same time “removing the layer of middle management to make decisions faster.”
Still, Meta continues to spend billions of dollars developing the virtual reality and augmented reality technologies needed to build the digital worlds that make up the metaverse. The Reality Labs division of the company tasked with creating the metaverse lost about $13.7 billion in 2022 with a profit of $2.16 billion.
The news is developing. Please check back for updates.
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