ISLAMABAD: Facebook-parent Meta Platforms has announced slashing a further 10,000 jobs in what would be a second round of mass layoffs for the big tech company as the industry braces for a deep economic downturn.
The US-based firm said on Tuesday that it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, before reducing its business groups in late May.
Meta has also been engaged in a wider restructuring that will also see it scrap hiring plans for 5,000 openings, cancel projects of lower priority and flatten layers of middle management.
CEO Mark Zuckerberg said in a message to Meta staff “this will be tough and there’s no way around that.”
“It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”
Zuckerberg said he believed “this new economic reality will continue for many years”.
Concerns of an economic downturn due to rising interest rates have prompted a series of mass job cuts across corporate America with global investment banks banks such as Goldman Sachs and Morgan Stanley and Big Tech firms including Amazon and Microsoft being forced to slash down their workforce.
Losses and investment in metaverse
Meta, which is putting in billions of dollars to build the futuristic metaverse, has been struggling with a post-pandemic slump in advertising spending from firms worried about the economic outlook.
Early last month, the US-based company posted falling profits and its third consecutive quarter of declining revenue.
