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Meta plans to cut its workforce by another 10,000 people

KARACHI ( Web News )

Meta plans to cut its workforce by another 10,000 people and withdraw around 5,000 open roles that it had yet to fill, company co-founder and CEO Mark Zuckerberg said Tuesday, confirming recent rumors that another round of layoffs was imminent.

Zuckerberg also said that the company will cancel “lower priority projects,” adding that he “underestimated the indirect costs” associated with these initiatives.

The announcement comes just four months after Meta revealed that it was eliminating about 11,000 roles as the social networking giant pushes ahead with what it’s calling a “year of efficiency.” Combined, this means that Meta has effectively laid off — or plans to lay-off — roughly one-quarter of its workforce since the tail-end of last year.

Facebook’s parent firm said it expects the latest restructuring efforts to start in its tech groups in April, followed by its business groups in May.

“In a small number of cases, it may take through the end of the year to complete these changes,” Zuckerberg wrote in a memo to staff that was subsequently published to the public. “Our timelines for international teams will also look different, and local leaders will follow up with more details. This will be tough and there’s no way around that.”

In a separate SEC filing, Meta said that it expects its full-year 2023 expenses to be in the $86 billion to $92 billion range, a figure that it lowered from a previous estimate that ran up to around $95 billion. Much of this is down to “cost-reduction measures” associated with the restructuring, including severance payouts.

Zuckerberg added that after the latest restructuring efforts are complete, the company will lift its hiring freeze across its various groups.

Additionally, Zuckerberg also pointed to some early internal analysis that indicates engineers who initially joined Meta in an in-person capacity perform better than those who joined on a remote basis, an early sign — perhaps — of what could be a toughening stance against remote work.

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