Meta to chop another 10,000 employees and closes 5,000 vacancies
Meta – which claims without irony to be"building the future of human connection" – is laying off 10,000 more staff and will close open vacancies on 5,000 roles as it hunkers down for a"Year of Efficiency."after admitting the group hired too rapidly early in pandemic and needs to reduce expenses in a cooling economy.
Zuck says that year after year, Meta expanded revenues but last year was a"humbling experience" because the"world economy has changed and competitive pressures grew, and our growth slowed considerably.", Meta reported revenue of $116.7 billion, down 1 percent year-on-year and a 38 percent plunge in operating profit to $28.94 billion. A marked difference to prior financial years.
To deal with any resulting anxiety from the layoffs, kindly old Zuck says he is going to make the changes"as soon as possible in the year" to get the bad stuff done and"focus on the critical work ahead." Senior leaders will announce the details of the restructuring plans"focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates. With less hiring I've made the difficult decision to further reduce the size of our recruiting team." Those in recruitment will be in for a fun night tonight as they will be told who is in and out by tomorrow.
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