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Meta to lay off 10,000 workers as part of "year of efficiency"
By Megan Cerullo,
Meta Chief Executive Officer Mark Zuckerberg on Tuesday said the company is laying off an additional 10,000 workers to hedge against economic instability that could persist for "many years."
The move is part of a number of steps, including slowing hiring and canceling some projects, that Meta is taking to cut costs and improve financial performance during what Zuckerberg dubbed its "Year of Efficiency."
The layoffs will be conducted "over the next couple of months," Zuckerberg said in a memo to employees.
Recruiting team members will know by tomorrow whether or not they still have jobs. Meta, the parent company of Facebook and Instagram, will announce layoffs in its tech groups in late April, and across its business teams toward the end of May. The company will also scrap plans to hire an additional 5,000 workers to fill open roles.
"This will be tough and there's no way around that," Zuckerberg said in his address to workers.
"Removing jobs" is one of the ways Meta is executing on its goal of becoming more efficient, according to the memo.