Facebook-parent Meta Platforms says it will cut 10,000 jobs this year, making it the first big tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
“For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call,” Zuckerberg wrote.“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”
The move may assuage investors who have grown wary of Zuckerberg’s prolific spending as revenue growth from Meta’s main businesses petered out amid high inflation and a digital ads pullback from the pandemic-era e-commerce boom. The ongoing cuts indicate “how desperate the company is to get costs under control as its revenues have fallen amid declining marketing budgets,” said Hargreaves Lansdown analyst Susannah Streeter.
With the latest move, Meta expects expenses in 2023 to come in between $US86 billion and $US92 billion, lower than the $US89 billion to $US95 billion forecast previously.
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