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San Francisco — A YuanDonate on Facebook, Plans to lay off approximately 10,000 employees and close approximately 5,000 jobs This is the second round of major layoffs in the past six months. Stations that were open during the pandemic will not be replaced.
Facebook’s parent company is about to embark on a “year of efficiency” to improve its financial performance and achieve long-term goals. Its CEO Mark Zuckerberg said in a statement released on Tuesday that as part of these efforts, the company is streamlining its organization, canceling lower-priority projects and slowing down its hiring. The world’s largest social network company has laid off 11,000 employees in November, equivalent to 13% of its team.
The company expects to announce a restructuring and layoffs in the technology group by the end of April and layoffs in the business group by the end of May, the statement said. Zuckerberg said the company is also reducing the size of its recruiting team due to a decrease in overall hiring.
In recent weeks, Meta employees have braced for more layoffs as Zuckerberg has been outspoken about the need to better prioritize projects and investments and suggested further cuts.
Meta began a staffing process earlier this year, laying off some mid-level managers and asking others to return to individual contributor roles rather than overseeing other employees. Even so, Zuckerberg said “this update may still be surprising.”
The company, which also owns Instagram and WhatsApp, has seen a slowdown in advertising revenue, leading to its first sales decline in 2022. Zuckerberg last year shifted Meta’s focus and investments toward virtual reality technology and the so-called metaverse, which he sees as the next big computing platform.
Expansion during the pandemic
Zuckerberg seized on Meta’s dramatic expansion of its workforce during the Covid-19 pandemic as demand for the company’s digital services increased. The social media giant’s headcount grew 30% in 2020, the first year of the pandemic, and 23% in 2021. When Meta began laying off employees last November, the company had more than 87,000 employees.
Zuckerberg added that as part of its efficiency plan, Meta is committed to restoring a “more optimal ratio of engineers to other functions.” The company will invest in tools like artificial BroadCast Unitedligence to help engineers write code faster, making them “more effective for many years, not just this year.”
Facebook was one of the first tech companies to offer all employees the ability to work from home during the pandemic, but now Zuckerberg is encouraging his team to “find more opportunities to collaborate with colleagues in person.”
As the Menlo Park, California-based company cuts jobs, workers say co-workers are experiencing high levels of anxiety and low morale. However, Zuckerberg’s focus on efficiency at the company has been well received by Wall Street. Meta shares have risen nearly 60% since the beginning of the year.
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