With planned cost cuts of $5 billion in expenses to between $89 billion and $95 billion, Zuckerberg's aim to make 2023 the "Year of Efficiency" is underlined by the action.
Digital Desk: The first Big Tech Company to announce a second round of huge layoffs, Facebook-parent Meta Platforms announced on Tuesday that it would eliminate 10,000 jobs, just four months after it sacked 11,000 workers.
CEO Mark Zuckerberg wrote in a memo to colleagues, "We intend to reduce our team size by around 10,000 people and to close about 5,000 more open roles that we haven't yet filled.
With planned cost cuts of $5 billion in expenses to between $89 billion and $95 billion, Zuckerberg's aim to make 2023 the "Year of Efficiency" is underlined by the action.
Corporate America has experienced a wave of widespread job cuts as a consequence of the weakening economy, from Wall Street banks like Goldman Sachs and Morgan Stanley to Big Tech companies like Amazon.com and Microsoft.
According to the layoffs tracking website layoffs. fyi, the tech sector has fired more than 280,000 employees since the year 2022, with over 40% of those firings occurring this year.
In premarket trading, Meta's share price increased by 1.9%.
Continue Reading
