Facebook-parent Meta plans to lay off another 10,000 employees

MENLO PARK, Calif. -- Facebook-parent Meta plans to lay off another 10,000 workers, marking the second round of significant job cuts announced by the tech giant in four months.

The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in the company's history.

In a Facebook post Tuesday, CEO Mark Zuckerberg said the job cuts will take place "over the next couple of months."

"We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May," he wrote. In a "small number of cases, it may take through the end of the year to complete these changes."

"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.

Meta is far from the only Big Tech company to undergo layoffs amid higher inflation, recession fears and a whiplash in pandemic-induced demand. In the first months of this year, Amazon, Google-parent Alphabet and Microsoft have all confirmed major job cuts impacting tens of thousands of tech workers.

Shares of Meta rose more than 4% in early trading Tuesday following the announcement.

The-CNN-Wire
& 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.