Meta is downsizing its personnel with a second round of job cuts. The parent company of Facebook, Whatsapp and Instagram announced 10,000 employees would lose their jobs in their latest restructuring efforts.
In a memo to employees Meta CEO Mark Zuckerberg said he believed the company had suffered a humbling wake-up call. “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.” In November Meta reduced its workforce by 11,000 people, totalling a 25 percent reduction in its overall headcount, according to CNN.
Leaner is better, according to Mr Zuckerberg, “Since we reduced our workforce last year, one surprising result is that many things have gone faster. In retrospect, I underestimated the indirect costs of lower priority projects.”
Meta isn’t the only tech company facing restructuring and job cuts. Data from layoffs tracking site layoffs.fyi. shows 280,000 jobs have been cut across America's tech industry since the start of 2022, including reductions at global giants Amazon and Microsoft.
Falling advertising revenue in a crowded digital landscape is affecting many businesses, who like Meta rely on revenue earned from advertising. Ad space is less value if a user has has less money to spend, reports the BBC.