Meta Announces Additional Layoffs and Hiring Freeze
Meta Platforms, parent company of Facebook, Instagram, and WhatsApp, announced plans to cut another 10,000 jobs as part of a broader hiring freeze. CEO Mark Zuckerberg described the move as part of his “Year of Efficiency” strategy aimed at improving organizational efficiency and developer productivity. This follows previous layoffs in late 2022 that affected approximately 11,000 employees—about 13% of Meta’s workforce at the time. The new cuts bring total job reductions to around 21,000 or up to 26,000 if the hiring freeze is included. The company reported having 86,482 employees as of December 2022 and plans to provide an updated headcount when it reports Q1 results in spring 2023. Last year’s layoffs contributed $4.61 billion in restructuring charges. Meta shares rose nearly 5% following the announcement, reflecting Wall Street's positive reaction despite ongoing skepticism about its metaverse investments.
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Topics: hiring freeze layoffs Mark Zuckerberg Meta Year of Efficiency