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Meta (formerly Facebook) will lay off an additional 10,000 employees through multiple rounds of cuts over the next two months.
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The company will close hiring for 5,000 open roles and cancel more low-priority projects.
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These cuts come just four months after the company laid off 11,000 employees last November, which was 13% of the company's workforce.
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The first wave of layoffs will start this week and impact Meta’s recruiting organization,
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followed by a second wave for tech roles in April and a third focused on business roles in late May.
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The CEO, Mark Zuckerberg, called the collapse in Meta’s revenue growth last year a “humbling wake-up call.”
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Zuckerberg believes that the current economic reality may continue for many years, so the company will need to operate more efficiently to ensure success.
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The layoffs will lower the high end of its expense guidance for the year by $3 billion.
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Meta's headcount ballooned during the pandemic from 48,000 on March 31, 2020 to 87,000 before layoffs started in November.
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The company is cutting costs to prepare for a leaner economy, increased volatility, and increased costs of innovation due to increased regulation.