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

Meta's move in November to slash headcount by 13% marked the first mass layoffs in its 18-year history. I

Facebook-parent Meta Platforms said on March 14, 2023 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.

Also read: Meta plans to cut thousands of jobs as soon as this week

The layoffs are part of a wider restructuring at Meta that will see the company flatten its organizational structure, cancel lower priority projects and reduce its hiring rates as part of the move. The news sent Meta's shares up 2% in premarket trading.

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.

Also read:Meta plans new job cuts that could match last year’s tally

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.