According to a Reuters report, Facebook parent company Meta Platforms announced on Tuesday that it would eliminate 10,000 jobs in a second round of mass layoffs.
In an effort to reduce costs, Meta laid off 11,000 employees, or 13% of its global workforce, in November of last year.
CEO Mark Zuckerberg wrote in a memo to staff, “We expect to reduce our team size by about 10,000 people and to close about 5,000 additional open roles that we haven’t yet hired.
2023 has been dubbed by Zuckerberg as Meta’s “year of efficiency,” with $5 billion in promised expense reductions to between $89 billion and $95 billion.
He called the emphasis on efficiency a “phase change” for an organization that had previously operated under the maxim “move fast and break things,” describing it as a natural progression of the business.
According to news agency Bloomberg, Meta has been asking directors and vice presidents to compile lists of staff members who are subject to termination due to a decline in advertising revenue.
Additionally, the business has been flattening its structure by offering buyout packages to managers and disbanding entire teams that it deems unnecessary.
The Washington Post previously reported that Meta intended to reduce the distance between top manager Mark Zuckerberg and the organization’s interns by moving some leaders into lower-level positions without direct reports.
Last month, Meta reported lower fourth-quarter revenue and profit, with a 55% decline in quarterly profit.
The business’s net income for the last three months of 2022 was $4.65 billion. According to, that’s down 55% from $10.29 billion a year ago.
The tech juggernaut’s revenue has decreased for the third straight quarter.
In light of the hazy macroeconomic environment, a number of Big Tech companies, including Amazon and Microsoft, have announced job cuts in recent months.
According to a website that tracks layoffs, the tech sector has fired more than 280,000 employees since the year 2022, with about 40% of those firings occurring this year.