NYT TECHNOLOGY: Meta to Lay Off Another 10,000 Workers
By Mike Isaac
Section: Technology
Source: New York Times
Published Date: March 14, 2023 at 02:00AM
The layoffs will affect Meta’s recruiting team this week, with a restructuring of its tech and business groups to come in April and May, Mr. Zuckerberg said in a memo posted on the company’s website. The announcement is the company’s second round of cuts within the past half year. In November, Meta laid off more than 11,000 people, or about 13 percent of its work force at the time.
Meta also plans to close about 5,000 job postings that have yet to be filled, Mr. Zuckerberg said in the memo. Other restructuring efforts include a plan to wrap up this summer an analysis of Meta’s hybrid return-to-office model, which it began testing last March.
“This will be tough and there’s no way around that,” he wrote.
Meta’s stock rose more than 7 percent by the close of trading on Tuesday.
Mr. Zuckerberg is culling employees after years of hiring at a breakneck pace. His company gobbled up workers as its family of apps, which also includes WhatsApp, became popular worldwide. The coronavirus pandemic also supercharged the use of mobile apps, leading to more growth. At its peak last year, Meta had 87,000 full-time employees.
By Mike Isaac
Section: Technology
Source: New York Times
Published Date: March 14, 2023 at 02:00AM
It would be the tech company’s second round of cuts since November. Mark Zuckerberg, its chief executive, has declared 2023 the “year of efficiency.”
Meta, the owner of Facebook and Instagram, said on Tuesday that it planned to lay off about 10,000 employees, or roughly 13 percent of its work force, the latest move to hew to what the company’s founder, Mark Zuckerberg, has called a “year of efficiency.”The layoffs will affect Meta’s recruiting team this week, with a restructuring of its tech and business groups to come in April and May, Mr. Zuckerberg said in a memo posted on the company’s website. The announcement is the company’s second round of cuts within the past half year. In November, Meta laid off more than 11,000 people, or about 13 percent of its work force at the time.
Meta also plans to close about 5,000 job postings that have yet to be filled, Mr. Zuckerberg said in the memo. Other restructuring efforts include a plan to wrap up this summer an analysis of Meta’s hybrid return-to-office model, which it began testing last March.
“This will be tough and there’s no way around that,” he wrote.
Meta’s stock rose more than 7 percent by the close of trading on Tuesday.
Mr. Zuckerberg is culling employees after years of hiring at a breakneck pace. His company gobbled up workers as its family of apps, which also includes WhatsApp, became popular worldwide. The coronavirus pandemic also supercharged the use of mobile apps, leading to more growth. At its peak last year, Meta had 87,000 full-time employees.
Read More at: https://www.nytimes.com/2023/03/14/technology/meta-facebook-layoffs.html
Meta Plans to Lay Off Around 10,000 Employees Meta plans to lay off around 10,000 employees and close about 5,000 additional open roles.The job cuts come as part of Mark Zuckerberg's "year of efficiency." The company already laid off 11,000 people in November, or 13% of its staff. Ed Ludlow has more on "Bloomberg Markets."
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