Meta will lay off 10,000 more workers and incur restructuring costs ranging from three to five billion dollars, the company announced Tuesday, with CEO Mark Zuckerberg warning that economic instability could continue for “many years,” according to CNBC.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in a message to employees, which was also posted to Meta’s blog.
He added that the company plans to close 5,000 additional open roles that it hasn’t yet filled. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for “the possibility that this new economic reality will continue for many years.”
The new round of layoffs follow a previous round of cuts, announced in November, that affected over 11,000 workers, which equated to roughly 13% of Meta’s overall staff.
Zuckerberg has pitched 2023 as the company’s “year of efficiency,” in which the firm aims to become “a stronger and more nimble organization.”
“We are a technology company, and our ultimate output is what we build for people,” Zuckerberg said. As part of the restructuring, the company will also increase the number of direct reports each manager has.
Zuckerberg told analysts in February that the Meta plans “on cutting projects that aren’t performing or may no longer be crucial” while simultaneously “removing layers of middle management to make decisions faster.”
“A leaner org will execute its highest priorities faster,” Zuckerberg’s message said.
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