Zuckerberg: Meta will cut 10,000 more jobs
The Chairman of Meta, the parent company of Facebook and Instagram, Mark Zuckerberg, announced on Tuesday that the company will cut 10,000 additional jobs, after a first wave that included the dismissal of 11,000 employees in early November.
Zuckerberg said in a statement posted on the company’s website that the giant company, based in Menlo Park, California, will eliminate five thousand current vacancies, in which people will no longer be employed.
The list of positions concerned with this procedure will be revealed in late April, with the restructuring to be implemented by the end of the year.
After two waves of job cuts, Meta will have reduced its headcount by 24%, in a surprisingly significant turnaround for a group that has never launched a social plan since its founding twenty years ago.
Zuckerberg believed that the decision was justified by the need to “make (Meta) a better technology company” and “improve our financial performance in a difficult environment, so that we can implement our long-term vision.”
Facebook co-founder Zuckerberg repeated the term used when presenting the group’s annual results in early February, saying that 2023 should be the “year of action” for Meta.
He announced that in addition to job cuts, the company would slow down the pace of hiring, also expecting “the cancellation of non-priority projects.”
The group had announced the freezing of positions until the end of March 2023.
After recording significant growth since its inception, Facebook, which became dead in late 2021, has been suffering from a slowdown in electronic advertising since last year.
The matter has intensified since the modification of the iPhone operating system (iOS), which no longer allows the platform to collect the amount of data it previously collected about its users.
Facebook and Instagram are facing more and more intense competition, especially from the TikTok video platform.
In addition, Meta, like the entire technology sector, suffers from high interest rates.
In 2022, Meta’s turnover shrank by 1% and amounted to $116.6 billion.