Beautiful Virgin Islands

Wednesday, Oct 09, 2024

Meta to shed another 10,000 employees in a fresh round of job cuts

Meta to shed another 10,000 employees in a fresh round of job cuts

Facebook's parent company Meta is slashing a further 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs, it announced on Tuesday.
The company axed 11,000 jobs in November, about 13 per cent 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 let some of those workers go.

Early last month, Meta posted falling profits and its third consecutive quarter of declining revenue.

The company said on 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.

"This will be tough and there’s no way around that," said CEO Mark Zuckerberg. "It will mean saying goodbye to talented and passionate colleagues who have been part of our success".

The company, based in Menlo Park, California, 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.

"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," said Zuckerberg.

The biggest tech companies in the US are cutting costs elsewhere, too.

This month, Amazon paused construction on its second headquarters in Virginia following the biggest round of layoffs in the company’s history and its shifting plans around remote work.

In early trading, Meta shares rose 6 per cent.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK Maintains Non-negotiable Stance on Falklands and Gibraltar
Controversy Surrounds A75 Road Closures and 96-Mile Diversion
Crunch Time in Conservative Leadership Race
Keir Starmer's Challenges in the Wake of Sue Gray's Departure
Coroner Urges UK Government to Improve Severe ME Care
Starmer Calls for De-escalation in Middle East Amid Heightened Tensions
Chancellor Reeves Decides Against Pension Tax Hike
UK Advocates Urge Tobacco Windfall Tax and Permanent Levy
Starmer's Chief of Staff Plans Major Overhaul at Downing Street
Key Labour Thinktank Advocates New Powers for Mayors
Rachel Reeves Considers New Fiscal Rules for Infrastructure Spending
Great Britain Faces Lowest Winter Blackout Risk in Four Years
The Impact of Online Culture on Young Women: Survey Insights
Hypersonic Jet to Revolutionize Air Travel
Russian Medic Arrested for Alleged Satanism and Promoting LGBTQ Rights
UK: Chagos Islands Deal Was About Securing US Military Base
RT has converted key archive speeches delivered by Putin into spoken English using the help of AI
Walmart is now selling a new book titled The Achievements of Kamala Harris—and all the pages are blank.
Bill Gates: "6% of global emissions are cows... You can either fix the cows to stop them farting, or you can make beef without the cow."
Facilitated Communication: Miracle Tool or Manipulative Method?
The Allure of Browsing Online Property Portals: A Modern Obsession
Suspected Acid Attacker in London Bailed Amid Investigation
Tragic Channel Crossing: Four Migrants Killed
Labour Cabinet Ministers' Stances on Assisted Dying
The Influence of Tory Members on Party Leadership
UK Plans Major Overhaul of Employment Rights
UK Food Industry Lobbying Delays £1.7 Billion Plastic Packaging Tax
New UK Tipping Law Sparks Confusion Among Restaurant Staff
Debate Heats Up Over Assisted Dying Legislation in the UK
New Personalized Cancer Therapies Undergo Extensive Clinical Study
UAE Energy Minister: OPEC+ Doing a 'Noble' Job in Balancing Oil Market
Call for Wealth Tax Hikes to Curb Reform UK's Rise
Labour MP Supports Chancellor's Rejection of Wealth Tax
Debate Intensifies Over VAT Introduction for UK Private Schools
Israel Plans Retaliation Against Iran Amid Rising Regional Tensions
Norwegian Police Conclude 'Spy Whale' Hvaldimir's Death Due to Infection
Dominica Sells Citizenship to Boost Climate Resilience
Greta Thunberg Detained in Brussels During Protest Against Fossil Fuel Subsidies
UK Returns Chagos Islands to Mauritius After Decades-Long Dispute
UK Reaffirms Commitment to Overseas Territories Amid Falkland Islands Dispute
France's Silent March Supports Gisèle Pelicot: A Shocking Case
Robert Jenrick's Leadership Prospects: Challenges from the Right
Declining Interest in Grammar Schools Amid VAT Concerns
Emirates Bans Pagers and Walkie-Talkies on All Flights
Malaysian Father Burns Son's Motorbike to Prevent Racing Accidents
Donald Trump Urges Israel to Hit Iran's Nuclear Facilities First
Private Schools Face Enrollment Decline Due to Impending VAT on Fees
Wetherspoon’s CEO Criticizes Smaller Beer Glass Proposal and Licensing Hour Reduction
Starmer Defends UK Chagos Islands Decision Amidst Tory Criticism
Naomi Campbell Banned from Charity Work After Fashion for Relief Mismanagement
×