Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs, the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
Meta shares jumped 6% on the news. The widely anticipated job cuts are part of a wider restructuring that will also see the company scrap hiring plans for 5,000 openings, cancel lower-priority projects and flatten layers of middle management.
"I think we should prepare ourselves for the possibility that this new economic reality will continue for many years," chief executive Mark Zuckerberg said in a message to staff.
The company said 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 Zuckerberg. "It will mean saying goodbye to talented and passionate colleagues who have been part of our success."
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