10,000 jobs lost globally as Meta announces restructuring plans – TheLiberal.ie – Our News, Your Views

10,000 jobs lost globally as Meta announces restructuring plans

Image source – RTE

Facebook’s parent company Meta announced an additional 10,000 job cuts globally and said it would close around 5,000 open positions that are not yet filled.

In a Facebook post, CEO Mark Zuckerberg said managers will announce restructuring plans in the coming months.

“With less hiring, I’ve made the difficult decision to further reduce the size of our recruiting team,” Mr Zuckerberg wrote, reports RTE.

Meta said it would announce restructurings and layoffs in its technical groups in late April and then in its business groups in late May.

“In a small number of cases, it may take through the end of the year to complete these changes. Our timelines for international teams will also look different, and local leaders will follow up with more details,” Mr Zuckerberg wrote, reports RTE.

It is unclear how the job cuts will affect Meta’s workforce in Ireland, where it directly employs around 2,600 people.

A spokeswoman for Meta Ireland said they have nothing to add to today’s update from Zuckerberg.

Mr. Zuckerberg previously said 2023 would be “Year of Efficiency” and warned in his update today that the new economic reality will continue for many years.

“Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation,” he wrote, reports RTE.

The news sent shares of Meta 2% higher in pre-market trading.

Meta’s move to cut its workforce by 13% in November marked the first mass layoff in its 18-year history.

It had a workforce of 86,482 at the end of 2022, a 20% increase over the previous year.

Tell us your thoughts in the Facebook post and share this with your friends.

Share this story with a friend

Share this story

Tell us what you think on our Facebook page