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Facebook parent Meta to lay off 10,000 more employees

Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.

The company said on Tuesday it would 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 Menlo Park, California-based company has invested billions of dollars in realigning its focus on the metaverse. In February, it posted lower fourth-quarter profit and revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

The company announced 11,000 job cuts last November.

“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.

In early trading, Meta shares rose 6 percent.

Why are tech companies laying off staff in the thousands?

Massive job cuts by tech giants

Since the start of 2023, layoffs in thousands across different tech companies have been making news headlines.

In January, Google’s parent company Alphabet announced laying off 6 percent of its global workforce, equating to 12,000 employees.

Also in January, Microsoft announced it was letting go of 10,000 employees, in effect reducing the company’s total workforce by less than five percent.

Microsoft’s mass layoffs followed a similar decision by another tech giant, Amazon, that downsized by over 18,000 employees, the company’s single largest workforce reduction in its 28-year history.

Overall, there have been over 121,205 layoffs in the tech industry since January and counting.

We should worry about the mounting tech layoffs. They could literally kill

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