Meta, formerly known as Facebook, intends to cut 10,000 jobs, roughly the same number of cuts it announced last November. The move is aimed at cutting costs amid an uncertain global economic environment that has hit the technology industry especially hard. Alongside the job cuts, the firm also declared that it would not be filling the 5,000 available vacancies.
Mark Zuckerberg, Meta's CEO, acknowledged that the cuts will be severe but stressed that they are necessary to create a leaner, more tech-savvy firm and exchange its long-term business performance. The firm has been actively hiring over the past two years, but recent financial results have pointed to declining profits and revenues. As a result, the firm has begun laying off some of its employees.
The job cuts will take place in two phases. The first phase will see a reduction in the recruitment team at the end of April and further reductions in the technical teams. The second phase will take place at the end of May with further cuts in the business groups. The company has not yet provided any specific details on which departments will be affected.
Despite the layoffs, Zuckerberg remains optimistic about Meta's future. The firm is pouring a lot of money into its metaverse, a virtual reality concept, and the name change to Meta reflects the company's new focus. The CEO believes the job cuts will help improve the company's business bottom line and realize its long-term vision.
The technology industry has been hit hard by global economic uncertainty, and Meta is not the only company to have announced job cuts in recent months. However, hiring in the United States is still strong, suggesting that layoffs are restricted to certain sectors.
Regardless, the job cuts will have a significant impact on Meta's workforce and the industry as a whole.
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