Today Meta, the parent company behind Facebook and Instagram, announced that it will cut an additional 10,000 employees and not fill 5,000 open jobs. This comes as Facebook is looking to cut projects that are not performing and hopes to remove layers of middle management to make decisions faster.
Back in November 2022, Facebook cut about 13% of its staff. This came as Facebook’s parent company Meta has been working to become more efficient as the ad market has been rapidly changing recently. To do that, they cut 11,000 jobs last year and now plan to cut more “non-essential” staff, according to Bloomberg News.
Meta is not alone in recent tech layoffs. In the last year, Amazon has laid off 18,000 employees, Google 12,000, Microsoft 10,000, and Stripe laid off 7,000. This is just a small list of the companies seeing significant layoffs in the world of tech recently.
This is likely not the end of cuts at major tech companies as many companies staffed up during the pandemic that saw almost everything moved online. Now as people go back to stores and life, the need for online services is drying up and so revenue to support all of these newly hired staff.