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Facebook parent Meta to cut more than 11,000 jobs in one of biggest tech layoffs this year
Meta Platforms said on Wednesday it will let go of 13 per cent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs in 2022 as the Facebook parent battles soaring costs and a weak advertising market. | The broad job cuts are the first in Meta’s 18-year history. ● They follow thousands of layoffs at other major tech companies, including Elon Musk-owned Twitter and Microsoft Corp. Meta employed more than 87,000 people as at Sept 30, according to media company Insider. The reductions were disclosed on Wednesday in a statement. The company will also extend its hiring freeze through the first quarter. ● Meta will also reduce its real estate footprint, review its infrastructure spending and transition some employees to desk sharing with more cost-cutting announcements expected in the coming months. The pandemic boom that boosted tech companies and their valuations has turned into a bust in 2022 in the face of decades-high inflation and rapidly rising interest rates. Meta, whose stock has plunged 71 per cent in 2022, is taking steps to pare costs following several quarters of disappointing earnings and a slide in revenue. Its profits fell to US$4.4 billion (S$6.2 billion) in the last quarter, a 52 per cent decrease year on year.
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