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Meta confirmed plans Tuesday to lay off approximately 10,000 more employees — expanding a bloodbath that began with about 11,000 job cuts last November.
The Facebook and Instagram parent will also close about 5,000 open roles as part of top boss Mark Zuckerberg’s latest major cost-cutting push.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg confirmed in a memo titled “update on Meta’s year of efficiency.”
Meta shares rose nearly 6% in early trading on the announcement. Investors have had a positive reaction to the company’s belt-tightening efforts, with shares surging more than 53% since the start of the year.
In February, Zuckerberg proclaimed 2023 to be Meta’s “year of efficiency” and hinted that more cuts were likely on the way.
