Tech giant Meta, formerly known as Facebook, announced in a blog post that it is set to lay off 10,000 more employees in a new round of restructuring that will focus on flattening its organizations, canceling lower priority projects, and reducing hiring rates. Last year, the company fired 11,000 employees due to budget cuts and changes in the world economy. Meta’s CEO, Mark Zuckerberg, apologized for the decision and suggested that the company is having financial issues that require efficient resource use to achieve better results.
Zuckerberg also confirmed that restructurings and layoffs in tech groups will be done in late April, and business groups will be affected in late May. The layoff process will continue until the end of the year as firings at different levels and regions will take time. The company did not provide details about severance packages for impacted employees.
Once the layoffs are done, Meta plans to lift hiring and transfer freezes in groups. However, the CEO suggested that the company will continue to eliminate open roles in the coming months until it achieves sustainable financial results.
“In a small number of cases, it may take through the end of the year to complete these changes. Our timelines for international teams will also look different, and local leaders will follow up with more details. 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,” Zuckerberg said in the email.