Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.
The company announced in November, about 13% of its workforce at the time.
Meta and other tech companies have been hiring aggressively for at least two years and in recent months have begun to .
Early last month, Meta and its third consecutive quarter of declining revenue.
The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.
鈥淭his will be tough and there鈥檚 no way around that,鈥� said CEO Mark Zuckerberg. 鈥淚t will mean saying goodbye to talented and passionate colleagues who have been part of our success.鈥�
The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse. In February it said a downturn in online advertising and competition from rivals such as TikTok weighed on results.
鈥淎s I鈥檝e talked about efficiency this year, I鈥檝e said that part of our work will involve removing jobs -- and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision,鈥� said Zuckerberg.
The biggest tech companies in the U.S. are cutting costs elsewhere, too.
This month, Amazon in Virginia following the biggest round of layoffs in the company鈥檚 history and its shifting plans around remote work.
In early trading, Meta shares rose 6%.
The Associated Press
