Meta to Cut 10,000 Jobs, 5,000 Open Roles in Efficiency Push

Meta plans to lay off nearly 10,000 employees and close about 5,000 open roles in its second round of job cuts in the past 6 months. Bloomberg’s Ed Ludlow reports.

The Facebook parent company has been marketing 2023 as a “year of efficiency” in an effort to improve its financial performance and achieve longer-term goals. As part of those efforts, Meta is flattening the organization, canceling lower priority projects and slowing hiring, Chief Executive Officer Mark Zuckerberg said in a statement on Tuesday. Bloomberg previously reported that cuts were coming. The world’s largest social-networking company in November already laid off 11,000 people, or 13% of its staff.

The Facebook parent company lowered its outlook for 2023 expenses to $86 billion to $92 billion, accounting for the job reductions and other cost-cutting measures. That’s down from $89 billion to $95 billion previously, according to a company filing, and includes about $3 billion to $5 billion in restructuring costs including severance.

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Source: Bloomberg Quicktake