Meta wants to cut 10,000 jobs in second round of layoffs

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MARCH 14 (Reuters) - Facebook parent company Meta Platforms (META.O) on Tuesday cut 10,000 jobs this year as the industry gears up for a deep recession, cutting its second large batch of jobs. It announced it would become the first major tech company to announce layoffs.

Meta stocks up 6% on his news. The widely-anticipated job cuts are part of a restructuring in which the company scrapped hiring plans for his 5,000 vacancies, shut down low-priority projects and "flatten" the ranks of middle management.

They followed the company's first mass layoffs in the fall, which cut more than 11,000 jobs, or 13% of his workforce, after a wave of jobs doubled the workforce in 2020.

It followed the company's first mass layoffs in the fall, which cut more than 11,000 jobs, or 13% of its workforce, after a wave of jobs doubled its workforce in 2020.

Fears of a recession caused by rising interest rates have led to a wave of job cuts at US companies in recent months. The tech company has laid off more than 290,000 employees since early 2022, according to tracking site Layoffs.fyi.

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released March 14, 2023

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Meta wants to cut 10,000 jobs

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