off-the-wire

UPDATE 1-Facebook-parent Meta to lay off 10,000 employees in second round of job cuts

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background) March 14 (Reuters) - Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs. "We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired," Chief Executive Officer Mark Zuckerberg said in a message to staff.


The move underscores Zuckerberg's push to turn 2023 into the "Year of Efficiency" with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion. A deteriorating economy has brought about a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to Big Tech firms including Amazon.com and Microsoft .


The tech industry has laid off more than 280,000 workers since the start of 2022, with about 40% of them coming this year, according to layoffs tracking site layoffs.fyi.


Shares of Meta were up 1.9% in premarket trading.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)

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