Mark Zuckerberg announced that Facebook parent company Meta is laying off an additional 10,000 employees. This is the second round of these mass layoffs as the company cuts costs significantly.
She said the layoffs will occur primarily over the next two months within the Meta’s sales, hiring and technology teams. Mark Zuckerberg In a blog post titled ” Update on Meta Year of Efficiency “.
This wave of layoffs represents approx 12% of the workforce is dead Dismissal follows 11,000 employees in November.
Meta will also remove 5,000 job postings.
Shares of Silicon Valley rose more than 6% at 12 noon PT Tuesday, as Wall Street continued to praise Meta’s commitment to cutting costs and improving results.
According to Mark Zuckerberg, the main factors that led to these waves of layoffs are rising interest rates, an unstable geopolitical situation and increased regulatory scrutiny. He asserts that “the new economic reality […] leads to slower growth and higher costs of innovation.” Mark Zuckerberg predicted that the unfavorable macroeconomic environment “will continue for many years.”
the Washington Post I reported last month that Meta was preparing to lay off thousands more employees, instead Wall Street Journal I mentioned last week that the new wave of layoffs may be of the same magnitude as November. At a meeting of executives following the cuts in November, Mark Zuckerberg said the layoffs “reduced the risk of having to lay off a large number of workers like this in the near future.” Meta is among the tech giants that have downsized significantly in recent months, with Alphabet and Microsoft each laying off 10,000 employees at the start of the year.
Since the beginning of the year, Meta share has been registered 53% increase. Meta shares are still down more than 50% from their all-time high in September 2021.
Translated article from the American magazine Forbes – Author: Derek Saul
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