Meta plans to cut its workforce by another 10,000 people and withdraw around 5,000 open roles that it had yet to fill, company co-founder and CEO Mark Zuckerberg said Tuesday, confirming Recent rumors that another round of layoffs was imminent.
Zuckerberg also said that the company willcancel "lower priority projects, adding that he"underestimated the indirect costs" associatedwith these initiatives.
The announcement comes just four months after Meta revealed that it was eliminating about 11,000 roles as the social networking giant pushes ahead with what it's calling a "year of efficiency." Combined, this means that Meta has effectively laid off - or plans to lay-off - roughly one-quarter of its workforce since the tail-end of last year.
Facebook's parent firm said it expects the latest restructuring efforts to start in its tech groups in April, followed by its business groups in May.
Meta is “winding down” its work with NFTs on Facebook and Instagram, that means it will also impact its planned roadmap for metaverse.
But this may be a good news for investors as Meta will now strongly focus on its core business and profitability will be the foremost focus for 2023 - 24.
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