Facebook adds to tech gloom as it plans to axe thousands of jobs
FACEBOOK owner Meta is set to slash thousands of jobs this week, adding to 2023’s tech casualties.
The latest cuts are separate from its 13pc headcount 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, largely blamed on its rapid growth during the pandemic and the slowing advertising market. ‘This did not play out the way I expected,’ he said. ‘I got this wrong, and I take responsibility for that.’
Last month, he alluded to further cuts during an earnings call with analysts, promising a ‘year of efficiency’. He said Meta would flatten its structure and remove middle managers ‘to make decisions faster’.
Meta’s shares are up over 54pc this year, after big losses in 2022.
Google parent Alphabet, Amazon and Microsoft have all axed jobs this year.
Data tracker Layoffs.fyi, says over 125,000 people have been laid off from tech firms in 2023, adding to 161,411 axed in 2022.