IBNS: Facebook’s parent company Meta Platforms Inc. has planned to lay off around 10,000 employees and close about 5,000 additional open roles in its second major round of job cuts in the past six months.
As part of its effort to improve its financial performance and achieve longer-term goals, Meta is flattening the organization, canceling lower priority projects and slowing hiring, Chief Executive Officer Mark Zuckerberg said in a statement on Tuesday.
The world’s largest social-networking company has already laid off 11,000 people, or 13% of its staff in November.
Meta has lowered its outlook for 2023 expenses to $86 billion to $92 billion, accounting for the job reductions and other cost-cutting measures.
The company’s employees had been bracing for more layoffs in recent weeks.
Mark Zuckerberg has already spoken about the need to better prioritize projects and investments and has hinted at additional job cuts.
The company expects to announce restructurings and layoffs in tech groups in late April, and business groups in late May, according to the statement.
