Meta will lay off 10,000 workers, the latest wave of job cuts by the Big Tech company as it tries to save costs to weather a tough period for Silicon Valley.
Meta CEO Mark Zuckerberg announced the layoffs on Tuesday. The company is cutting an estimated 13% of its workforce as part of its “year of efficiency.” The layoffs came after the company cut 11,000 jobs in November to recover from declining revenue streams. Big Tech firms have shed hundreds of thousands of jobs in recent months.
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“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg wrote, noting the higher interest rates and geopolitical instability. These uncertainties are why Meta intends to “operate more efficiently.”
The job cuts arrived after Meta went on a hiring frenzy during the pandemic as more and more users used their tech for communicating while in quarantine. As the economy began to return to normal, digital advertising diminished, and the Big Tech company had to adapt.
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Zuckerberg alluded to the layoffs during his third quarter earnings call, in which he said the company would end 2023 as “roughly the same size or even a slightly smaller organization.”
The company has felt regulatory pressure in recent months. The company won a suit against the Federal Trade Commission over its attempted acquisition of VR developer Within. The company has slowly shifted away from its vision for the metaverse after hyping it up as the next stage of the internet. It is currently attempting to invest in generative artificial intelligence and in creating a Twitter competitor. The company’s attempt to create a chatbot was leaked on 4chan on Friday.
