Meta to fire another 10,000 employees in second round of layoffs

Facebook-parent Meta Platforms on Tuesday announced its second round of firing. It said it would cut 10,000 jobs in this round of mass layoffs. Only about 4 months back, the company had let go 11,000 employees. 

"We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired," Chief Executive Officer Mark Zuckerberg said in a message to staff.

Meta, the company that owns Facebook, Instagram, and WhatsApp, has been preparing for additional layoffs as it focuses on prioritizing projects and investments. CEO Mark Zuckerberg has emphasized the need for efficiency, calling 2023 the "year of efficiency" during a recent earnings call. The company has already started a process known as "flattening," which involves eliminating some middle managers and reassigning others to individual contributor roles instead of overseeing other employees.

The pandemic led to a significant increase in demand for Meta's digital services, resulting in a 30% increase in headcount in 2020 and another 23% increase in 2021. However, the company has experienced a slowdown in advertising revenue, which led to its first-ever annual sales decline in 2022. In response, Zuckerberg has shifted the company's focus and investment towards virtual reality technology and the metaverse, which he believes will be the next major computing platform.

As a result of these changes, Meta has been streamlining its operations and reducing its workforce. Last November, the company started eliminating jobs, and as of then, it had over 87,000 employees. While the company has not disclosed how many jobs will be cut, it is clear that the focus is on becoming more efficient and agile in the face of changing market conditions.