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What’s going on:
Meta, the parent of Facebook, has decided to let go of an additional 10,000 employees, signifying the second round of dramatic staff cuts made in the last four months.
The announcement, made on Tuesday, followed the initial dismissal of 11,000 personnel in November — the largest single-day reduction of Meta’s workforce to date, according to CNN Business.
Why it matters:
In a Facebook post Tuesday, CEO Mark Zuckerberg said, “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May. Overall, 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.”
Following the news, Meta’s stock soared more than 4% in Tuesday’s pre-market session.
How it’ll impact the future:
In its most recent quarterly earnings report, Meta reported a significant drop in profits and a third consecutive decline in revenue.
On the earnings call, Zuckerberg assured investors that 2023 would be the “year of efficiency” for the company, following years of extensive investment in growth and a more immersive version of the web known as the metaverse.
Zuckerberg also warned that further job losses could be on the horizon.
