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Meta CEO Mark Zuckerberg announced on Tuesday that the company will lay off more employees this year as the tech industry prepares for a possible long-term financial slump.
Meta Platforms announced Tuesday that it would slash 10,000 positions in its second wave of massive job cuts as the sector prepares for a prolonged economic slump.
According to NPR, Mark Zuckerberg, CEO of Facebook's parent company Meta, stated on Tuesday that the firm would be laying off another 12% of its staff to reduce expenses and increase productivity.
In a statement posted on Facebook, Mark Zuckerberg said that 2022 was "a humbling wake-up call. The world economy changed, competitive pressures grew, and our growth slowed considerably."
He added that the "new economic reality" may last many years, so the company should start planning for it.
Beginning on Wednesday, Meta, the parent company of Instagram and WhatsApp, will begin laying off a portion of its workforce. According to Mark Zuckerberg, the company's recent recruiting restriction would immediately terminate several HR staff members.
Furthermore, the layoffs occur as Meta plans to increase its investment in artificial intelligence, a field in which competition is fierce.
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US Tech Companies Are Hurting
According to Mark Zuckerberg, layoffs in the company's technical division will be announced in late April, while those in the business division will be announced in May.
After an enormous recruiting binge that quadrupled its personnel count by 2020, Meta cut 11,000 positions in the autumn as part of its first big layoff.
Aside from Meta, other top US tech corporations are slashing expenses overseas.
After its largest layoffs and changing remote work policies, Amazon halted building on its second hub in Virginia last month, per AP News.
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