Meta, which owns Facebook, Instagram and WhatsApp, will cut another 10,000 jobs and scrap plans to fill 5,000 open positions, according to a statement released on Tuesday.
In a memo signed by company president Mark Zuckerberg, Meta said that “in the coming months” its management will announce “restructuring plans” to make organizations more efficient by “cancelling lower-priority projects” and reducing hiring rates. The group will therefore reduce the size of its hiring team.
Meta also stressed that it plans to announce the restructuring and winding down of the companies it operates between the end of April and May, but in some cases it could take until “the end of the year.”
“Globally, we expect to reduce the size of our team by about 10,000 people and close about 5,000 additional vacancies that have not yet been filled,” he added in the same note.
While acknowledging that the process would be “tough”, Meta assured that “there is no other alternative”.
Following the restructuring, the company says it will lift the “hiring and transfer freeze” in every group of companies it manages, and the group aims to complete an analysis of the results of the “hybrid operation” for the year this summer.
At the end of last year, Meta announced that it would lay off about 11,000 employees, representing 13% of the state.
These layoffs, according to Mark Zuckerberg at the time, were aimed at making the company more agile and efficient and responsive to changes in the economic and business environment.
Meta’s profit fell 41% last year to $23,200 million (€21,656 million).
Technology was affected by inflation, the fragility of the advertising market, increased competition and other factors.
Earlier this year, 12 global tech companies had already announced more than 74,000 job cuts in 2023, not counting the 21,000 job cuts announced by Meta and Amazon in November.
More than 74,000 jobs will be cut, including Alphabet, owner of Google, Microsoft, Disney and even Spotify, according to a Lusa report based on information released by 12 major tech companies, most of them North American.
Author: Portuguese
Source: CM Jornal
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