Meta, the parent company of social networks Facebook and Instagram, will cut another 10.000 jobs this year, after the first wave of 11.000 layoffs at the beginning of November, the group's CEO, Mark Zuckerberg, announced today.
"This will be difficult and there is no way around it. It means saying goodbye to talented and passionate colleagues who have been part of our success," Zuckerberg said, adding that the decision was difficult but also necessary.
The list of jobs that will be abolished will be announced at the end of April, and the restructuring will be carried out by the end of the year. The number of members in the human resources management team will be reduced, the AFP and AP agencies reported.
At the end of those two waves of job cuts, Meta will reduce its workforce by 24 percent, which is a sudden change for a group that has never launched a social support plan during its almost 20 years of existence.
"We want to make Meta a better technology company and improve our financial performance in a difficult environment so that we can realize our long-term vision," Zuckerberg said.
According to him, in addition to eliminating jobs, the company will slow down the pace of employment, and plans to "cancel non-priority projects".
The group has already announced a hiring freeze until the end of March 2023.
After great growth since its inception, Facebook, which became a Meta at the end of 2021, has been suffering the consequences of a reduction in online advertising since last year.
In addition, Facebook and Instagram have increasingly strong competition, especially with the video platform TikTok, which is reducing Meta's market business.
Meta, like the entire technology industry, is facing rising interest rates, which threatens the sector, which needs a large amount of cash to finance development.
Meta's revenues decreased by one percent last year, to 116,6 billion dollars.
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