Facebook owner Meta adds to tech sector gloom as it plans to cut thousands of jobs
Facebook owner Meta is expected to cut thousands of jobs this week, adding to 2023’s tech losses.
The latest cuts are separate from its 13% workforce reduction announced in October.
Meta, which also owns Instagram and WhatsApp, laid off more than 11,000 people last year, which chief executive Mark Zuckerberg, 38, has largely blamed on its rapid growth during the pandemic and a slowing advertising market.
Axeman: Meta laid off more than 11,000 people last year, which boss Mark Zuckerberg (pictured) blamed on rapid growth during the pandemic and a slowing advertising market
“It didn’t go the way I expected,” he said. “I was wrong, and I take responsibility for it.”
Last month he hinted at further cuts during a conference call with analysts, promising a “year of efficiency”.
He said Meta would flatten its structure and remove middle managers “to make decisions faster.”
Shares of Meta are up more than 54% this year, after big losses in 2022. Alphabet, Google’s parent company, Amazon and Microsoft have all cut jobs this year.
Data tracker Layoffs.fyi says more than 125,000 people were laid off from tech companies in 2023, adding to 161,411 laid off in 2022.
