Facebook’s parent company, Meta, will be eliminating another 10,000 jobs as part of its second round of layoffs.
In November 2022, the company laid off 13% of its workforce, or 11,000 employees, following its lackluster performance in Q4 that caused its shares to tank by nearly 20%.
“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,” Chief Executive Officer Mark Zuckerberg told the company’s staff.
The latest round of layoffs is part of a company-wide restructuring effort that aims to flatten the company’s organizational structure, eliminate low-priority projects, and slow down the company’s overall pace of hiring.
“My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg said. The job cuts are “in service of both building a leaner, more technical company and improving our business performance to enable our long-term vision.”
Under Zuckerberg’s directive, the company has set a goal of cutting $5 billion in expenses, bringing total costs in the $89 billion to $95 billion range.
The latest round of layoffs at Meta adds to the hundreds of thousands of jobs that have been eliminated across various sectors, ranging from technology to financial services. The tech sector alone has cut more than 280,000 jobs since January 2022.
The latest round of layoffs sent Meta’s shares up 2% in premarket trading.