Meta Platforms will lay off an additional 10,000 employees, or 12% of its full-time workforce, over the coming months as part of a broad restructuring, according to CEO Mark Zuckerberg.
The first round of job cuts will be announced this week and affect Meta's recruiting organization.
- The second and third waves of job cuts will take place in April and late May, affecting tech and business roles, respectively.
- “In a small number of cases, it may take through the end of the year to complete these changes," Zuckerberg explained in a letter to employees posted online today.
- In addition, Meta is closing 5,000 additional open roles it hasn't filled yet.
- Over the next couple of months, leaders will unveil restructuring plans to flatten their organizations, he wrote.
- Meta will also reduce hiring rates and cancel low-priority projects.
- Zuckerberg
added that Meta may need to prepare for “the possibility that this new
economic reality will continue for many years.”
- The layoffs come after Meta cut over 11,000 workers in November, which was about 13% of its workforce at the time.
- In Meta's Q4 earnings call last month, Zuckerberg described 2023 as the “year of efficiency," in which Meta will focus on "becoming a stronger and more nimble organization.”
- Meta, Google, Amazon, and other tech companies eliminated over 95,000 positions in 2022 and about 120,000 in the first two months of 2023.
