Technology company, Meta has announced that it is about to layoff 10,000 staff.
This development from the company which owns Facebook, Instagram and WhatsApp, will be the second series of mass redundancies from the tech giant, which laid off 11,000 employees in November 2022.
Meta chief executive Mark Zuckerberg who commented on the situation said the cuts would be “tough”, and formed part of a “year of efficiency”.
Although, in addition to the 10,000 jobs being lost, 5,000 open roles at the company will be left unfilled.
Mr Zuckerberg told staff in a memo he believed the company had suffered “a humbling wake-up call” in 2022 when it saw a slowdown in revenue.
He cited higher interest rates in the US, global geopolitical instability and increased regulation as some of the factors affecting Meta.
Meta is not the only tech firm that has layed off as Amazon at the start of this year announced it planned to close more than 18,000 jobs because of “the uncertain economy” and rapid hiring during pandemic, while Google’s parent company Alphabet made 12,000 cuts.
On one major reason for the cut, there has been a challenge of balancing cost-cutting measures with the need to remain competitive.
so far in 2023, layoffs.fyi, which tracks job losses in the tech sector revealed that there have been more than 128,000 job cuts in the tech industry.