Meta Removed Their 10000 Workers

☘️Facebook owner Meta decides to cut 10,000 layoffs in second round.😕

Meta Platforms has announced that it will cut another 10,000 jobs in a second round of mass layoffs as the tech industry faces a deep economic downturn.

Facebook-parent company said Tuesday that it will reduce the size of its hiring team, further cutting its technology teams in late April and then its business teams in late May.

Meta has engaged in a wide-ranging restructuring that will see the US-based company scrap plans to hire 5,000 openings, cancel low-priority projects and flatten middle management layers.

 CEO Mark Zuckerberg said in a message to staff, “This is going to be tough and there is no way around it. "It means saying goodbye to talented and passionate colleagues who have been part of our success."

Zuckerberg said "this new economic reality will last for years".

Fears of a recession due to rising interest rates have sparked a series of major job cuts across corporate America: from Wall Street banks like Goldman Sachs and Morgan Stanley to big tech companies including Amazon and Microsoft.

 Meta, which is pouring billions of dollars into building the future metaverse, has struggled with a post-pandemic slump in advertising spending from companies worried about the economic outlook.

Earlier last month, the company reported declining profits and its third consecutive quarter of declining revenue.

 The company's shares rose 6 percent in early trading on news of the widely expected job cuts.

“As I talked about efficiency this year, I said that part of our work involves eliminating jobs—which will serve both to build a leaner, more technical company and improve our business performance.  Time vision,” said Zuckerberg.

 In November, Meta cut its workforce by 11,000 in the first major layoffs in its 18-year history.  It had 86,482 employees at the end of 2022, up 20 percent from a year ago.

Meta and other tech companies have been hiring aggressively for at least two years, but have begun to let some of those workers go in recent months.

According to layoff tracking sites, the tech industry has laid off nearly 290,000 workers since the start of 2022, with about 40 percent of those coming this year.

Amazon halted construction on its second US headquarters in Virginia this month, following the biggest round of layoffs in the company's history and its shift plans around remote work.

Twitter has also made massive job cuts since Elon Musk bought the social media platform for $44 billion last year.

The latest cut of about 200 jobs last month reduced the company's workforce to fewer than 2,000, according to the New York Times.

Twitter has lost advertisers since Musk took over, and ads are responsible for more than 90 percent of the company's revenue, the paper found.