Facebook-parent Meta fires 10,000 more employees in fresh round of layoffs: report

Facebook-parent Meta Platforms said on Tuesday it would slash 10,000 jobs in a second round of mass layoffs, according to Reuters report.

The fresh layoff is in addition to the 11,000 employees or 13% of its global workforce Meta had sacked in November last year in a bid to cut costs.


"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.

Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion.

He described the focus on efficiency as part of the natural evolution of the company, calling it a "phase change" for an organisation that once lived by the motto "move fast and break things."

Also read: Layoffs in 2023: a list of Indian startups & tech companies that have cut jobs

Amid a slowdown in advertising revenue, Meta has been asking directors and vice presidents to make lists of employees that can be fired, news agency Bloomberg had reported.

The company has also been working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential.

Also read: Layoffs in 2023: Twitter, LinkedIn among latest firms to cut jobs amid economic downturn

Earlier last month, The Washington Post had reported that Meta is planning to push some leaders into lower-level roles without direct reports, flattening the layers of management between top boss Mark Zuckerberg and the company's interns.

Meta had posted lower fourth quarter profit and revenue last month, with quarterly profit declining 55%.

The company's net income was $4.65 billion in the final three months of 2022. That's down 55% from $10.29 billion a year earlier, according to a Bloomberg report.

This marks the third consecutive quarter of revenue decline for the tech giant.

Several Big Tech companies, including Amazon and Microsoft have announced job cuts in the past few months in view of uncertain macroeconomic conditions.

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 .