Meta CEO Mark Zuckerberg, announced on Tuesday layoffs of a further 10,000 employees and restructuring expenditures of $3 billion to $5 billion, citing the possibility that economic volatility might last for a long time.
Shares of Meta, Facebook's parent, gained 7% after Tuesday's market close following the announcement of Meta Layoffs 2023.
"Here's the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates," Mark Zuckerberg said in a post on Facebook.
He noted that Meta had to make the difficult decision to reduce the number of recruitment staff since the company would be employing fewer people.
"We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May."
With the reductions, Meta expects its overall costs for 2023 to fall to between $86 billion and $92 billion, as stated in a filing with the SEC.
Almost 13% of Meta's workforce was laid off in November, and this current wave of Meta Layoffs 2023 follows that, per CNBC.
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Meta To Pursue Efficiency This Year
According to Mark Zuckerberg, 2023 will be the "year of efficiency" for Facebook, during which time the business will focus on becoming "a stronger" and more agile corporation.
"As I've talked about efficiency this year, I've 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," Mark Zuckerberg said.
Meta's most recent quarterly results report showed a significant reduction in profits and a decline in sales for the third consecutive quarter. On the results call, Zuckerberg assured shareholders that the firm will become more efficient after spending many previous years investing in expansion and developing the metaverse, an enhanced version of the internet, CNN reported.
Mark Zuckerberg Meta layoffs will also include the company being "more proactive" about canceling projects that are no longer important.
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