Meta to cut another 10,000 jobs and cancel ‘low priority projects’
Image credit: David Paul Morris/Bloomberg/Getty Images
Meta plans to cut its workforce by another 10,000 people, retire about 5,000 open roles it has not filled and cancel some projects, the company’s co-founder and CEO Mark Zuckerberg said Tuesday, confirming recent rumors that another round of layoffs was imminent .
The announcement comes just four months after Meta revealed it was eliminating around 11,000 roles as the social networking giant pushes to become more efficient this year. Altogether, this means that Meta has actually laid off – or plans to lay off – about a quarter of its workforce since the end of last year.
Facebook’s parent company said it expects the final “restructuring efforts” to begin in April and that the process will affect business groups in May. Zuckerberg said the company will also cancel “lower priority projects,” adding that it “underestimated the indirect costs” associated with those initiatives.
“This will be tough and there is no way around it,” Zuckerberg wrote in a memo to employees that was later released to the public. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They have dedicated themselves to our mission and I am personally grateful for all their efforts.”
Zuckerberg added that after the restructuring efforts are complete, the company will lift the hiring freeze across the various groups.