The job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects, and 'flatten' layers of middle management.
Facebook-parent Meta Platforms said on Tuesday, March 14, it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America in recent months. Tech companies have led the way, shedding more than 290,000 workers since the start of 2022, according to tracking site Layoffs.fyi. “For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call,” Zuckerberg wrote.
Meta also will remove multiple layers of management and ask many managers to become individual contributors, while eliminating non-engineering roles, automating more functions and at least partially reversing a commitment to “remote-first” work that Zuckerberg made amid COVID-19 pandemic lockdowns.The first of the latest wave of cuts appeared to have started even before Zuckerberg’s announcement.
The company also has struggled with Apple-led privacy changes and competition for young users from short video app TikTok. The latest downsizing indicates “how desperate the company is to get costs under control as its revenues have fallen amid declining marketing budgets,” said Hargreaves Lansdown analyst Susannah Streeter.
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