Meta lays off another 10 000 in second round of job cuts

Facebook name change metaverse social media app company

In a second round of layoffs, Meta is reported to be slashing another 10 000 jobs with no plan to fill the current around 5 000 positions still open.

In a bid to cut costs and reduce staff Meta has previously cut costs due to a declining profit margin in the third quarter.

Investments in the millions have been made in the quest to chase and ensure a questionable metaverse to investors while Zuckerberg steers the ship in that direction.

As the industry buckles up for another presumed economic downturn, Meta’s plan to restructure will see the company scrap plans for lower-priority projects.

While there has been positive reassurance from Mark Zuckerberg, this year’s financial forecasts signal trouble.

It seems Zuckerberg’s plan is to shed multiple layers of management.

Earlier this year, Meta announced a few job cuts and layoffs intended to streamline and restructure some teams to focus on efficiency.

Meta, which also owns Instagram and Whatsapp has seen some challenging times recently.

Low morale and possible job trimming may be on the cards this year, which should make tensions even more unbearable.

Fallen stock levels including mounting expenses led to Meta’s large scale layoffs.

In an effort to follow Twitter’s example to cut costs, Facebook planed to cut costs by at least 10%.

Staff reductions are a suggested plan for Google, Twitter and now Meta it seems.

Tech industry retrenchment is a word circulating among tech companies such as Google, Twitter and now Facebook as a large set of employees are expected to be shown the door.

Also read: Influencers in trouble as Meta stops paying for Reels



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