Meta CEO Mark Zuckerberg said Tuesday the company plans to cut 10,000 employees, citing 2023 as the company’s “year of efficiency.”
The latest layoff will affect roughly 13 percent of its workforce, reports the New York Times. The company could incur restructuring costs ranging from three to five billion dollars.
The layoffs will affect its recruiting team this week, with a restructuring of its tech and business groups to come in April and May, Mr. Zuckerberg said in a memo posted on the company’s website.
“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,” Zuckerberg said in a message to employees, which was also posted to Meta’s blog.
He added that the company plans to close 5,000 additional open roles that it hasn’t yet filled. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for “the possibility that this new economic reality will continue for many years.”
The new announcement is the company’s second round of cuts within the past half year. In November, Meta laid off more than 11,000 people or about 13 percent of its workforce at the time.
Other tech companies like Amazon, Google, and Microsoft announced layoffs affecting tens of thousands of workers in total earlier this year, with Spotify, Vimeo, and DoorDash also carrying out recent job cuts.
