Facebook owner Meta announced a fresh wave of job cuts on Tuesday, part of what CEO Mark Zuckerberg called the company’s “year of efficiency” as the US tech sector continues to downsize.
In an email to employees, Zuckerberg said Meta would shed 10,000 jobs over the next few months, targeting middle management, and that 5,000 other roles would remain unfilled.
The cuts follow a cull of 11,000 positions announced by the company in November that started a wave of similar jobs cuts across big tech companies, including Amazon, Google and Microsoft, but not Apple.
“This will be tough and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success,” Zuckerberg said.
The first victims will be Meta’s recruitment department as the company officially puts an end to the hiring spree that came when big tech ramped up operations to meet high demand during the coronavirus pandemic.
In subsequent months, tech and business departments will also be affected and “in a small number of cases, it may take through the end of the year to complete these changes,” Zuckerberg said.
In January, the multi-billionaire Meta founder warned that further pain was coming when he told analysts the company’s “management theme for 2023 is the ‘Year of Efficiency’” and that he would focus on making the company “a stronger and more nimble organization.”
Meta had suffered a rough 2022 amid a souring economic climate, which forced advertisers to cut back on marketing, and Apple’s data privacy changes, which have reduced leeway for ad personalization.
“For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products. But last year was a humbling wake-up call,” Zuckerberg wrote.
“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”
