Facebook parent company Meta announced on Tuesday that it will lay off 10,000 employees in the coming months as it struggles with a challenging economic environment.
As I talked about efficiency this year, I've said that part of our work will be in service of building a leaner, more technical company and improving our business performance to enable our long term vision.
As part of its Year of Efficiency, the company plans to close another 5,000 additional open positions that haven't been filled, according to Zuckerberg.
The job cuts will occur in phases over the next few months.
Zuckerberg said that Meta will reduce its recruiting team's size because it is slowing down on hiring. If they are affected, those team members will be informed on Wednesday. The company expects to make additional cuts within its tech groups in late April and its business groups in late May.
The chief executive said that it could take a few more days to complete these changes by the end of the year.
After the restructuring is complete, Zuckerberg said the company plans to lift hiring and transfer freezes in each group. Meta, which has already cut more than 11,000 positions in November, is one of several tech companies looking to trim costs. In particular last month, Meta posted falling profits and its third consecutive quarter of declining revenue.
In recent months, the number of tech layoffs has gone up as companies like Amazon, Google parent Alphabet, Twitter and Microsoft have been over-hiring during the COVID-19 epidemic. The surge in demand for their products and services was benefited by the surge in demand for their products and services when people were forced to work remotely.
More than 128,000 global tech workers have been laid off since January, according to a website that tracks job cuts in the industry.