Meta to cut another 10,000 jobs and cancel ‘low priority projects’

Meta plans to cut its workforce by another 10,000 people, withdraw around 5,000 open roles that it has not filled and cancel some projects, company co-founder and CEO Mark Zuckerberg said Tuesday, confirming recent rumors that another round of layoffs was imminent.

The announcement comes just four months after Meta revealed that it was eliminating about 11,000 roles as the social networking giant pushes to become more efficient this year. Combined, this means that Meta has effectively laid off — or plans to lay-off — roughly one-quarter of its workforce since the tail-end of last year.

Facebook’s parent firm said it expects the latest “restructuring” efforts to start in April, and the process to impact business groups in May. Zuckerberg said that the company will also cancel “lower priority projects,” adding that it “underestimated the indirect costs” associated with these initiatives.

“This will be tough and there’s no way around that,” Zuckerberg wrote in a memo to staff that was subsequently published to the public. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They’ve dedicated themselves to our mission and I’m personally grateful for all their efforts.”

In a separate SEC filing, Meta said that it expects its full-year 2023 expenses to be in the $86 billion to $92 billion ballpark, a figure that it lowered from a previous estimate that ran up to around $95 billion. Much of these costs are down to “cost-reduction measures” associated with the restructuring, including severance payouts.

Zuckerberg added that after the restructuring efforts are complete, the company will lift its hiring freeze across its various groups.

Meta to cut another 10,000 jobs and cancel ‘low priority projects’ by Manish Singh originally published on TechCrunch