Facebook-parent Meta to cut 10,000 jobs in second round of layoffs

With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously

Facebook parent Meta Platforms said on Tuesday it would 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.

Meta shares jumped 6 per cent on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and “flatten” layers of middle management.

They followed the company’s first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13 per cent of its workforce