Meta Platforms, Inc., doing business as Meta and formerly named Facebook, Inc., has announced that it will cut 10,000 jobs.
The cuts come less than six months after the company disclosed 11,000 layoffs in November as CEO Mark Zuckerberg seeks to make the business more efficient.
Meta’s chief executive officer, Mark Zuckerberg, said the cuts would be tough and were part of a year of efficiency.
In addition to the 10,000 jobs being lost, 5,000 open roles at the company will be left unfilled.
The news sent up Meta shares by about six percent, as investors hope for a more streamlined and efficient operation from the company.
The job cuts are part of a general restructuring being carried out by Meta, as the company froze hiring, halted lower-priority projects, and reduced middle management.
Despite the cost-cutting measures, Meta is however keen on its metaverse-oriented Reality Labs unit, pumping billions of dollars into the segment despite its $13.7 billion loss in 2022.
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Edited by Jesus Chan
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