Meta has announced it will lay off 10,000 more workers in a move that saw CEO Mark Zuckerberg warning economic instability could continue for “many years.”
The market reacted positively to the news with Meta shares closing up 7% on Tuesday.
“Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg said in a post, titled “Update on Meta’s Year of Efficiency.”
The post added:
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates. With less hiring, I’ve made the difficult decision to further reduce the size of our recruiting team. We will let recruiting team members know tomorrow whether they’re impacted.”
In a SEC filing announcing the cuts, Meta said “As of today, we expect our full-year 2023 total expenses to be in the range of $86-92 billion, lowered from $89-95 billion previously. This includes the anticipated impact of these layoffs and other cost reduction measures, and is inclusive of restructuring costs of approximately $3-5 billion related to facilities consolidation charges and severance and other personnel costs.”
