San Francisco (Daily Pakistan Online) Facebook’s parent Meta Platforms said on Tuesday that it will cut 10,000 jobs. Meta is the first major tech company to announce a second round of mass layoffs as the industry faces a deep economic downturn. Meta’s shares rose six percent following the news. The widely expected job cuts are part of a wider restructuring.
“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Meta Chief Executive Mark Zuckerberg said in a message to staff, according to Reuters.
Zuckerberg has promised to turn 2023 into the ‘year of performance’. With the latest move, Meta expects spending to be between $86 billion and $92 billion in 2023, down from an earlier forecast of $89 billion to $95 billion.
Metta laid off 11,000 employees in November last year, the largest layoff in its 18-year history. At the end of 2022, its number of employees was 86,482, which was 20 percent more than a year ago.