Facebook parent, Meta plans to lay off another 10,000 employees, marking the second round of significant job cuts announced by the tech giant in the last four months.
The most recent layoffs, which were revealed on Tuesday, follow Meta’s announcement in November that it was shedding 11,000 employees, or about 13% of its staff, in the single largest round of layoffs in the history of the firm.
“This will be tough and there’s no way around that,” Meta Platform’s chief executive officer and co-founder Mark Zuckerberg said in a web post on Tuesday. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”
“Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg said.
According to a securities filing, Meta reported having 87,314 employees as of September 2022. With the 11,000 job cuts announced in November plus the 10,000 job layoffs announced Tuesday, Meta would have approximately 66,000 employees, a reduction of almost 25%.
Meta’s announcement arrives at the same time that a report shows the job markets in both the Bay Area and California,
Despite the increasing waves of layoffs in the tech and biotech industries in the area, the Bay Area added 23,100 new employment in January of this year. Last month, the San Francisco-San Mateo metro area added 8,900 jobs, the East Bay added 7,900 roles, and the South Bay added 5,100 jobs.
An unpleasant wave of layoffs for tech and biotech workers in the Bay Area has been recently reported workforce reductions by the owner of the Facebook app.
Since mid-2022, tech and biotech companies have revealed plans to eliminate well over 22,000 jobs in the Bay Area, cutbacks that are being triggered by multiple factors.
According to WARN notifications to the state Employment Development Department that this news agency has analyzed, the following staff reductions are the most significant ones affecting Bay Area workers of tech or biotech companies:
- Meta Platforms, 2,564 layoffs in Menlo Park, San Francisco, Fremont, Sunnyvale and Burlingame
- Google, 1,600 job cuts in Mountain View, Moffett Field, San Bruno and Palo Alto
- Salesforce, 1,010 staff reductions in San Francisco
- Cepheid, 925 layoffs in Newark and Sunnyvale
- Twitter, 900 job cuts in San Francisco and San Jose
Based on an analysis of the WARN notices submitted to the EDD, tech and biotech industries have opted to cut at least 22,800 positions in the Bay Area.
Is Meta laying off more employees?
Yes, Meta is planning to cut more jobs in next couple of month as Zuckerberg said in a Facebook post “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote. In a “small number of cases, it may take through the end of the year to complete these changes.”
Are layoffs coming in 2023?
Yes, layoffs will continue in 2023 as Zuckerberg has pitched 2023 as the company’s “year of efficiency,” in which the firm aims to become “a stronger and more nimble organization.”
In a SEC filing announcing the cuts, Meta also said it anticipated lowered total expenses in 2023, ranging from $86 billion to $92 billion.
Has Meta ever done layoffs?
Yes, Recently Meta has done 11,000 layoffs in November 2022 which equated to roughly 13% of Meta’s overall staff.
Besides of layoffs still, Meta continues to spend billions of dollars developing the virtual reality and augmented reality technologies required to build the digital universe coined the Metaverse. The company’s Reality Labs division that’s tasked with creating the Metaverse lost about $13.7 billion in 2022 on $2.16 billion of revenue.
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