Facebook parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
Meta shares jumped 6 percent on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.
They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13 per cent of its workforce at the time, after an extensive hiring spree that doubled the employee count it had as of 2020.
In a message to staff, Chief Executive Mark Zuckerberg said most of the cuts would be announced in April and May, though in some cases they would continue through the end of the year.
Bu hikaye Business Standard dergisinin March 15, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin March 15, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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