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Facebook subsidiary Meta plans to lay off another 10,000 employees

CEO Mark Zuckerberg said the job cuts would happen “over the next couple of months.”

byCatherine ThorbeckeAnd CNN Wire

Tuesday, March 14, 2023 1:45 PM

Menlo Park, California – Facebook’s parent company, Meta, plans to lay off another 10,000 workers, marking the second round of large job cuts announced by the tech giant in four months.

latest layoffs, announced on TuesdayIt comes after Meta said in November that it had cut nearly 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in the company’s history.

In a Facebook post on Tuesday, CEO Mark Zuckerberg said the job cuts would happen “over the next couple of months.”

“We expect to announce restructurings and layoffs in our technology groups in late April, and then our business groups in late May,” he wrote. In “a small number of cases, it may take the end of the year to complete these changes.”

“Overall, we expect to reduce our team size by about 10,000 people and close about 5,000 additional open positions that we haven’t hired yet,” Zuckerberg said.

Meta isn’t the only Big Tech company to have undergone layoffs amid soaring inflation, recession fears, and pandemic-induced demand. In the early months of this year, Amazon, Google subsidiary Alphabet, and Microsoft confirmed massive job cuts affecting tens of thousands of tech workers.

Meta shares were up more than 4% in early trading Tuesday after the announcement.

CNN Wire
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