Meta to lay off 10,000 more workers after initial cuts in November

Meta CEO Mark Zuckerberg said successful a blog post connected Tuesday that the institution volition laic disconnected 10,000 employees arsenic Meta continues to slim down and trim expenses successful a challenging economy.

Shares of Meta were up astir 4%.

The caller circular of layoffs travel a erstwhile circular of cuts, announced successful November, that affected implicit 11,000 workers, which equated to astir 13% of Meta's wide staff.

"Here's the timeline you should expect: implicit the adjacent mates of months, org leaders volition denote restructuring plans focused connected flattening our orgs, canceling little precedence projects, and reducing our hiring rates," Zuckerberg said successful the post. He added that the institution plans to adjacent 5,000 further unfastened roles that it hasn't yet filled.

Zuckerberg has pitched 2023 arsenic the company's "year of efficiency," successful which the steadfast aims to become "a stronger and much nimble organization."

Zuckerberg told analysts successful February that the Meta plans "on cutting projects that aren't performing oregon whitethorn nary longer beryllium crucial" portion simultaneously "removing layers of mediate absorption to marque decisions faster."

Still, Meta continues to walk billions of dollars processing the virtual world and augmented world technologies required to physique the integer beingness coined the metaverse. The company's Reality Labs part that's tasked with creating the metaverse mislaid astir $13.7 cardinal successful 2022 connected $2.16 cardinal of revenue.

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