Meta starts second round of job cuts, targets 10,000 positions

Facebook parent Meta has begun its latest round of layoffs, affecting 1,500 workers in its recruiting and HR teams, Bloomberg reported, citing people familiar with the matter.

According to the sources, CEO Mark Zuckerberg told employees in a meeting that Meta’s constant restructuring could go on for “many years.” Apart from Facebook, Meta also owns social media app Instagram and messaging platform WhatsApp.

The development follows Zuckerberg’s announcement that the company will slash 10,000 jobs and remove 5,000 open roles amid the current economic downturn. This is in addition to Meta saying in November last year that it would lay off over 11,000 employees after seeing a slowdown in revenue growth.

According to its most recent financial report, Meta saw its revenue decline by 4% year over year in the fourth quarter of 2022.

See also: Tracking layoffs across Asia’s startup ecosystem